Former South Korean Assembly Secretary-General Calls For KRW Stablecoins To Be Listed On Binance And Coinbase To Gain Global Acceptance

2025/09/08 16:50

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Seoul Urged To Push KRW Stablecoins Onto Global Exchanges

Former National Assembly Secretary-General Lee Kwang-jae has called on the South Korean government to accelerate its push for won-pegged stablecoins by ensuring they are listed on major international exchanges such as Binance and Coinbase.

Lee, now a professor at Myongji University, warned in an interview with Seoul Kyungjae that restricting these coins to the domestic market would limit their value.

He said,

“If we want to increase demand for won-denominated stablecoins, we must allow for them to be traded on global cryptocurrency exchanges… so non-Koreans can trade them.”

He added that global participation was essential for the coins to “secure international acceptance.”

Ex-National Assembly Chief Urges Listing KRW Stablecoins on Global Exchanges

Lee Kwang-jae, former Secretary-General of South Korea’s National Assembly, is calling for won-pegged stablecoins to be listed on international platforms like Binance and Coinbase. He argues that… pic.twitter.com/hfG40LtMuK
— Times of Blockchain (@ToBcryptonews) September 8, 2025

Foreign Traders Locked Out Of Korean Market

Currently, South Korean regulations prevent foreigners from opening fiat-linked accounts on platforms such as Upbit and Bithumb.

Rules require traders to hold verified real-name bank accounts, which in turn demand a South Korean address and social security number.

Lee criticised the barrier, arguing:

“We will only be able to generate global demand when foreigners can enter the South Korean market. We need to let them freely trade won-denominated coins.”

Samsung Seen As Future Stablecoin Issuer

Lee suggested that South Korea’s corporate giants could play a pivotal role.

He predicted that Samsung would eventually issue its own digital currency, pointing to Apple’s reported interest in stablecoins.

“Samsung and Apple dominate the smartphone industry. They will both eventually compete in the stablecoin market as well.”

A KRW-backed coin integrated into Samsung Pay, he noted, could have “a significant impact” both domestically and overseas.

Industry watchers also believe a Samsung stablecoin could expand beyond payments, helping Korean firms strengthen their reach in international markets.

Samsung pay + Coinbase just connected 150m users to instant crypto settlement

• Grab adding USDT for 112m users
• Base pay launching USDC checkout
• Total stablecoin mcap +22% YTD to $268b

Crypto going mainstream through payment rails, not trading pic.twitter.com/s4l1GzVreh
— DanC ₿ (@daneshchothia) July 30, 2025

Beyond Finance Into Culture And Healthcare

Lee’s vision extends outside banking.

He argued that KRW stablecoins should be embedded into Korea’s cultural exports, including webtoons and dramas, as well as global education platforms and cross-border healthcare services.

In his view, linking coins to national industries would boost adoption and establish real-world utility.

Political Dispute Slows Progress

Despite government backing for stablecoins as a way to reduce reliance on the US dollar, political disagreement has left legislation stuck.

Conservatives argue that only commercial banks should issue KRW stablecoins, while progressive lawmakers support allowing big tech companies to launch their own.

Lee sided with the latter, describing the banking-only proposal as “a backward step” and “out of sync with the times.”

Citing examples such as Tether’s USDT and Circle’s USDC, he stressed that private issuers already dominate the global market.

For now, South Korea’s Financial Services Commission is preparing a draft bill, but parliamentary debates continue to delay its introduction.

Dollarisation Concerns Add Pressure

Authorities also face rising concern that reliance on US dollar-backed stablecoins such as USDT and USDC could weaken the won’s role in domestic markets.

The Bank of Korea has voiced cautious support for a won-pegged token but remains wary of risks like capital flight and foreign exchange volatility.

Korea is opening the door to won-pegged stablecoins!

The Bank of Korea has confirmed that stablecoins are not off the table. The plan is a gradual introduction, starting with regulated players and expanding over time.

This is exactly the momentum the market needs with clear… pic.twitter.com/QNQuAyf0yj
— ELYSIA (@ELYSIA_HQ) September 1, 2025

Against this backdrop, Lee insists South Korea must move faster or risk losing ground.

He urged policymakers to open the market to outsiders and expand the use of won-backed stablecoins before global demand is captured elsewhere.

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Former South Korean Assembly Secretary-General Calls For KRW Stablecoins To Be Listed On Binance And Coinbase To Gain Global Acceptance

Seoul Urged To Push KRW Stablecoins Onto Global Exchanges

Foreign Traders Locked Out Of Korean Market

Samsung Seen As Future Stablecoin Issuer

Beyond Finance Into Culture And Healthcare

Political Dispute Slows Progress

Dollarisation Concerns Add Pressure

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