"Korea has all the necessary elements to emerge as a leading country in stablecoins."

Heath Tarbert, CEO of Circle, a U.S. stablecoin issuer, highlighted Korea's economic potential in the era of virtual assets during an interview with the Dong-A Ilbo at the Le Méridien Hotel in Jung-gu, Seoul on the 23rd of last month. He cited 'solid industrial competitiveness', 'sophisticated financial systems', and 'active investment enthusiasm' as Korea's strengths. He also noted the significant holdings of virtual assets by Korean investors. He predicted that there would be considerable demand for a Korean won stablecoin, stating, "A won stablecoin would be useful in all areas where the won is currently used." He emphasized the urgent need for the introduction of a sound regulatory framework to prepare for the increase in demand.

Circle is the largest issuer of the USDC, a U.S. dollar stablecoin. It is the world's second-largest dollar stablecoin issuer after Tether, which is headquartered in El Salvador. Circle became the first stablecoin issuer to be listed on the New York Stock Exchange in June this year.

Tarbert, a former public official, served as Chairman of the Commodity Futures Trading Commission (CFTC) and Assistant Secretary of the Treasury during the first term of the Donald Trump administration. He stated, "The lesson learned from working as a head of regulatory authorities is that technology does not stop," and stressed that Korea should quickly introduce clear rules to establish the stablecoin market, referencing the examples of the United States, the European Union (EU), and Japan.

Some express concerns that Korea may already be lagging. Financial hubs in Asia, such as Singapore, Hong Kong, and Japan, are rapidly advancing the institutionalization of stablecoins. Tarbert remarked, "Korea's strength lies in its numerous robust export companies," adding, "Every room in my house has Korean electronic products." This suggests that Korea has manufacturing and information technology (IT) companies that can utilize stablecoins in trade transactions. An increase in stablecoin transactions in trade could expand the domestic coin market and facilitate the attraction of investment funds.

Tarbert visited Korea before Japan and met with high-ranking officials from the four major financial groups—KB, Shinhan, Woori, and Hana—as well as Bank of Korea Governor Lee Chang-yong. He is also known to have met with major conglomerates. He stated, "I met with 'household names' that everyone would recognize." He even prepared business cards with his name written in Korean for his Korean partners. He said, "We view Korea as a very important strategic opportunity."

Tarbert anticipated that laws related to stablecoins would be established in Korea within about a year, allowing stablecoins to be quickly incorporated into the institutional framework. He advised, "It is essential to protect consumers and monetary sovereignty while preventing the influx of substandard stablecoins into the country." Regarding concerns over the 2022 collapse of virtual assets Terra and Luna and their potential use in crime, he commented, "This is precisely why legislation is needed," adding, "USDC complies with various regulations set by the U.S. 'Genius Act'."

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