Harry Jeong: No Need to Limit Issuers of Won Stablecoins to Banks

Harry Jeong, former Deputy Director of the White House Digital Assets Advisory Committee and current Managing Director of Ensum Group, stated that there is no need to limit the issuers of won stablecoins to banks. During an interview on the 1st at the Grand Walkerhill Seoul in Gwangjin-gu, Seoul, Jeong said, "It doesn't matter whether the issuer of the won stablecoin is a bank or a fintech company as long as they meet the requirements." He emphasized that businesses with the appropriate licenses should be treated equally and added that concentrating related businesses solely on specific banks is unfair. The GENIUS Act, a U.S. stablecoin regulatory law, has established a regulatory framework allowing both banks and non-bank entities that meet certain criteria to issue stablecoins. He mentioned that when designing the won stablecoin system, South Korea needs to establish specific use cases, explaining that stablecoins based on national currencies must clarify who will use them and for what purposes to create a sustainable system. He also predicted that the adoption and activity in the dollar stablecoin market would expand further following the implementation of the GENIUS Act, which is expected to take effect by January 2027.

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