South Korea has taken steps towards establishing a regulated stablecoin market, aiming to attract investment and foster innovation within the country. The nation’s new Digital Asset Basic Act outlines licensing requirements for stablecoin producers, requiring minimum capital of 500 million Korean won ($367,890) for eligibility. This bill reflects President Lee Jae-myung’s vision for a controlled and scalable stablecoin ecosystem backed by the Korean Won. This could potentially lead to the emergence of South Korea-based stablecoins as viable alternatives to existing options like USDT and USDC, particularly for on-chain transactions free from capital flight or forex risk.