The US has dollar coin wings… Korea is still only discussing

The 'GENIUS' stablecoin regulation bill has passed the U.S. Senate. The industry evaluates this as a significant milestone for the virtual asset industry, and there are suggestions that Korea should also accelerate the establishment of a system for stablecoin issuance. ★Refer to the May 21st issue, pages 1 and 4

According to CBS on the 17th (local time), the GENIUS bill was passed in the Senate plenary session with 68 votes to 30. It has been about a month since the bill was submitted to the plenary session. Although the bill's submission was initially canceled due to a conflict of interest arising from Trump's family's own stablecoin issuance, it successfully secured bipartisan support after bill modifications.



The GENIUS bill is the first bill to provide federal-level standards for stablecoin issuance pegged to legal tender like the dollar. It includes provisions for stablecoin issuer registration, 1:1 reserve maintenance, and mandatory issuer audits. Anti-money laundering (AML) requirements must also be met. This effectively recognizes stablecoins as an official financial instrument within a legal framework.

The market analyzes that the virtual asset legislation passing the Senate marks a turning point for the industry. Global investment bank Bernstein stated in its report that day, "The GENIUS bill will provide the foundation for U.S. financial innovation over the next decade" and "it has opened the way for stablecoins to evolve from a payment method within the virtual asset ecosystem to an internet money infrastructure." It added, "If the bill is implemented within months, a favorable first-mover advantage is expected for U.S. stablecoin issuers complying with regulations."

With stablecoin issuance becoming legalized, demand for U.S. Treasury bonds is expected to increase significantly. U.S. Treasury Secretary Scott Bessent said, "This bill's passage will support the growth of the stablecoin market" and "the stablecoin market is expected to reach $3.7 trillion by 2030, which will lead to increased U.S. Treasury bond demand."

The GENIUS bill, having passed the Senate, will now move to the House for review. If the modified bill passes the House, it will require a re-vote in the Senate.

Experts unanimously suggest that since the U.S. Senate has passed the GENIUS bill, Korea should also hurry preparations for won-based stablecoin issuance. Seo Byung-yun, CSO of DSRV, said, "Even if domestic stablecoin institutionalization proceeds smoothly and passes in the second half of the year, completing implementation ordinances and rules will take until next year, with actual implementation not before early 2027" and "this could be 2-3 years behind major Asian countries."

Reporter Kim Jung-woo