The Democratic Party of the South Korean President Lee Jae-Myung submitted a bill to the Parliament which would allow qualified companies to issue stablecoins, Bloomberg reported on Tuesday.
The basic act of digital assets aims to improve transparency and encourage competition in cryptocurrency, said Bloomberg. Companies could issue their own stablecoins provided that they have at least 500 million wons ($ 368,000) in capital-capital and can guarantee reimbursements through reservations as well as the approval of the Financial Services Commission.
Lee, voted as president last week, made a number of promises to the cryptography industry in South Korea during his electoral campaign, using the country’s 15 million investors in the country. Among them, he said that the country should support a Stablecoin market in Won “to prevent the national wealth from fleeing abroad,” said Korea Herald.
Stablecoins are tokens fixed at the value of a traditional financial asset, such as a trust currency, the US dollar being comfortably the most widespread. Their stability offers a counterweight to the volatility of cryptocurrencies like bitcoin
And ether, allowing users to hold capital in digital assets without having to worry about wild oscillations.
The sector, which is dominated by the USDT de Tether, has increased interest this year thanks to, among other things, progress towards sector regulations in the United States
The strength of the Stablescoin sector was highlighted last week by the high performance of the USDC action from Circle (CRCL) after its first public public call (IPO). Actions have more than quadrupled during the first three days of negotiation. In addition, the market capitalization in the sector has reached $ 250 billion for the first time.
