韩国执政党提出数字资产基本法案，拟允许本土公司发行稳定币

Core Viewpoint - South Korea's new president, Lee Jae-myung, is rapidly fulfilling campaign promises by allowing local companies to issue stablecoins through the proposed Digital Asset Basic Law, which opens a legal pathway for stablecoin issuance [1][4]. Group 1: Legislative Developments - The proposed law allows South Korean companies with a capital of 500 million KRW (approximately 368,000 USD) or more to issue stablecoins, provided they establish a reserve guarantee for redemption [1]. - This legislative move comes amid a global surge in interest in stablecoins, with the U.S. Congress preparing to vote on key stablecoin legislation and traditional banks exploring stablecoin issuance [4]. Group 2: Market Dynamics - Over one-third of South Koreans (approximately 18 million) are active in the digital asset market, with trading volumes on local exchanges sometimes exceeding those of the Kospi and Kosdaq indices [4]. - In the first quarter, the trading volume of USDT, USDC, and USDS on South Korea's five major exchanges reached 57 trillion KRW, indicating significant demand for stablecoins [4]. - In the global stablecoin market, USDT holds a 62% market share, USDC accounts for 25%, and other stablecoins make up 13% [4]. Group 3: Challenges and Concerns - The Bank of Korea has expressed strong opposition to the issuance of stablecoins by non-bank entities, warning that it could undermine the effectiveness of monetary policy [5]. - Analysts from JPMorgan have cautioned that the recent surge in KakaoPay Corp.'s stock price lacks fundamental justification, and the specific benefits of Lee's stablecoin policy remain uncertain [6]. - The collapse of TerraUSD in 2022, which resulted in losses of hundreds of billions of dollars, continues to haunt investors and raises concerns about the stability of the market [6].