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U.S vs South Korea: Who’s Winning the Stablecoin Regulation Race?

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South Korea has taken the lead on stablecoin regulation. On June 10, the country passed the Digital Asset Basic Act, allowing companies to issue stablecoins under clear rules—while the US still struggles to finalize its own legislation.

South Korea Legalizes Stablecoins

Under the new law:

  • Companies can issue stablecoins with a minimum capital of 5 million won (~US$367,876).
  • All stablecoins must be approved by the Financial Services Commission (FSC).
  • Issuers must guarantee refunds via reserves to protect users.

This move makes South Korea one of the first major economies to fully legalize stablecoins.

US Stablecoin Bill Faces Delays

Meanwhile, the US is preparing for a long-awaited vote on its GENIUS Act. The bill aims to:

  • Set federal and state-level rules for stablecoin issuers.
  • Enforce strong anti-money laundering (AML), Know Your Customer (KYC), and anti-fraud measures.

However, political opposition remains.

Senator Elizabeth Warren warned:“The bill invites scammers into the market…”

Senator Bill Hagerty responded: “It’s time we provide the clarity and stability our innovators need.”

Key Differences: GENIUS Act vs Digital Asset Basic Act

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

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What’s Next? Tether and Circle Dominate

Global stablecoin demand is surging:

  • Market projected to hit $254B in 2025, and $2T by 2028.
  • In South Korea, stablecoin trading on five domestic exchanges already hit ₩57T.
  • Globally, Tether (USDT) and Circle (USDC) dominate with an 85% market share—USDT at $150B, USDC at $16B.

As South Korea opens its market, and the US races to finalize its bill, the global stablecoin landscape is about to shift dramatically.

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FAQs

What is South Korea’s Digital Asset Basic Act?

It’s a new law legalizing stablecoins with FSC approval, capital rules, and user protection via reserve guarantees.

How does the GENIUS Act differ from South Korea’s stablecoin law?

The GENIUS Act focuses on payment stablecoins, while Korea’s law covers all digital assets and mandates FSC approval.

Which stablecoins dominate the global market

Tether (USDT) and Circle (USDC) lead globally, holding about 85% of the stablecoin market share.

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