Won Stablecoin Could Save Korean Merchants Up to $3.8 Billion

MGR Online•Economy•10d ago

Reader Briefing

The National Assembly Budget Office of South Korea reports that implementing a Won-denominated stablecoin could significantly reduce payment fees for merchants.

•The National Assembly Budget Office (NABO) released a report on September 8, 2026, regarding the potential impact of a Won stablecoin.
•Merchants could save between 275 million and 3.8 billion USD annually depending on the adoption rate from credit cards to blockchain.
•South Korea currently lacks a functional Won stablecoin due to disputes between the Bank of Korea and the Financial Supervisory Service.
•The global stablecoin market, valued at approximately 312.3 billion USD as of July 2026, is dominated by USD-pegged coins.

Overview

•The National Assembly Budget Office estimated that merchants could save between 370 billion Won (approx. 275 million USD) to 5.15 trillion Won (approx. 3.8 billion USD) per year.
•Blockchain stablecoin payments cost only 0.1-0.3% per transaction, compared to 1.3-1.5% for credit cards, by removing intermediaries.
•The maximum saving of 3.8 billion USD assumes a 30% shift in spending to blockchain and fees dropping to 0.1%.
•South Korea has no operational Won stablecoin because the Bank of Korea and the Financial Supervisory Service disagree over issuance rights.
•The global stablecoin market was valued at 312.3 billion USD in July 2026, with USD-pegged coins accounting for 98.8% of the market.
•NABO identified risks including potential bank deposit outflows, liquidity crises leading to depegging, and reduced revenue for credit card companies.
•South Korea plans to expand tokenised securities by February 2027 and potentially link them to stablecoin payment systems.

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Key Entities

Organization

National Assembly Budget Office(สำนักงบประมาณรัฐสภาเกาหลีใต้)ℹ️

A fiscal analysis agency of the parliament that published a report on the economic impact of Won stablecoins.

Bank of Korea(ธนาคารกลางเกาหลีใต้)ℹ️

A regulatory body that insists stablecoin issuers must be controlled by commercial banks with at least 50% plus one share ownership.

Financial Supervisory Service(คณะกรรมการกำกับบริการทางการเงิน)ℹ️

A regulatory body pushing for more openness to new players in the stablecoin market to foster innovation.

USDT

A USD-pegged stablecoin with a market value near 183 billion USD.

USDC

A USD-pegged stablecoin that, along with USDT, holds over 84% of the global stablecoin market.

Place

South Korea(เกาหลีใต้)ℹ️

The country where the proposed Won stablecoin would be implemented to reduce merchant costs.

Law

Digital Asset Basic Act(ร่างกฎหมายพื้นฐานสินทรัพย์ดิจิทัล)

A draft law intended to provide the regulatory framework for stablecoins and digital assets, currently pending legislative consideration.