South Korea, oy, they think they’re so smart, taking the lead on stablecoin regulation. June 10th, they passed the Digital Asset Basic Act, like it’s a big deal. Allowing companies to issue stablecoins under “clear rules”—while the US, of course, is still kvetching about finalizing its own legislation. Can’t we ever get anything done right the first time? 🤦♂️
South Korea Legalizes Stablecoins? Big Whoop.
Under this new law, which, frankly, sounds like a headache:
- Companies can issue stablecoins with a minimum capital of 5 million won (~US$367,876). So, basically, chump change. Anyone can do that.
- All stablecoins must be approved by the Financial Services Commission (FSC). Oh, great, more bureaucracy. Just what we need. 🙄
- Issuers must guarantee refunds via reserves to protect users. Well, duh! Isn’t that common sense? What are they, morons?
This move makes South Korea one of the first major economies to fully legalize stablecoins. So what? Let them have it. See if I care. 😒
US Stablecoin Bill Faces Delays? You Don’t Say!
Meanwhile, the US is preparing for a long-awaited vote on its GENIUS Act. GENIUS? Who named that? The bill aims to:
- Set federal and state-level rules for stablecoin issuers. More rules! Just fantastic. 😫
- Enforce strong anti-money laundering (AML), Know Your Customer (KYC), and anti-fraud measures. As if that’s going to stop anyone. Criminals will always find a way. 🤷♂️
However, political opposition remains. Of course it does! Nothing is ever easy.
Senator Elizabeth Warren warned:
“The bill invites scammers into the market…” Yeah, well, what doesn’t these days?
Senator Bill Hagerty responded:
“It’s time we provide the clarity and stability our innovators need.” Clarity? Stability? In crypto? Good luck with that! 🤣
Key Differences: GENIUS Act vs Digital Asset Basic Act. Who Cares?
| Feature | US GENIUS Act | South Korea Digital Asset Basic Act |
| Scope | Payment stablecoins only | All digital assets + stablecoins |
| Approval authority | Federal for issuers >$10B; State for smaller | All stablecoins require FSC approval |
| Compliance requirements | AML, KYC, anti-fraud, transparency | Transparency + reserve guarantees |
- Also Read :
- France’s Societe Generale Enters USD Stablecoin Market With USDCV
- ,
What’s Next? Tether and Circle Dominate. Surprise, Surprise.
Global stablecoin demand is surging:
- Market projected to hit $254B in 2025, and $2T by 2028. So much money! And I’m sitting here… 😩
- In South Korea, stablecoin trading on five domestic exchanges already hit ₩57T. Big deal. It’s all Monopoly money anyway. 🙄
- Globally, Tether (USDT) and Circle (USDC) dominate with an 85% market share—USDT at $150B, USDC at $16B. Figures. The rich get richer. 😠
As South Korea opens its market, and the US races to finalize its bill, the global stablecoin landscape is about to shift dramatically. Or not. Who knows? Maybe it’ll all crash and burn. Wouldn’t that be something? 🔥
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2025-06-10 16:24