A heated debate surrounding stablecoins has taken center stage as South Korean presidential candidates prepare for their final showdown. On May 8th, the Democratic Party’s Lee Jae-myung advocated for a rapid implementation of a Korean won-backed stablecoin market, warning about potential ‘national wealth outflow’ if not addressed promptly. This proposal drew strong opposition from Lee Jun-seok of the Reform Party, who cited the 2022 Terra collapse as a cautionary example, emphasizing the risks associated with algorithmic stablecoins like KRT lacking real asset backing. His stance was countered by supporters of Lee Jae-myung, including former lawmaker Kim Byung-wook, who asserted that global regulatory bodies have clearly distinguished between algorithmic and compliant stablecoins backed 1:1 by cash or government bonds. They argued that a Korean won stablecoin could streamline cross-border remittances. This event marks the first public technical discussion on crypto assets within South Korean politics, with the election outcome potentially determining the country’s future regulatory direction for digital assets. The election is scheduled for June 3rd.