스테이블코인과 무역결제 시스템의 전환: 미국 GENIUS 법안에 대한 전략적 고찰

This study explores the emerging role of stablecoins in the transformation of global trade settlement and monetary hegemony. As blockchain-based stablecoins address the volatility of traditional cryptocurrencies, their growing use in cross-border transactions signals a fundamental shift in digital currency governance. Through the theoretical lenses of algorithmic sovereignty and cryptomercantilism, this paper analyzes the strategic adoption of stablecoins by major economies, focusing on the United States’ GENIUS Act, the EU’s MiCA regulation, China’s e-CNY, and Japan’s e-Money Law. It also compares global bank-led trade settlement platforms such as HSBC Orion and JPM Coin. The study outlines four plausible future scenarios for digital currency competition and presents five key policy implications for South Korea, including legal framework reform, supervisory coordination, and public-private pilot programs. The findings suggest that stablecoins are evolving into instruments of financial influence and regulatory power. This research contributes to the understanding of how private digital assets reshape monetary governance and offers insights for middle-power states seeking to co-design global digital norms. It also highlights the need for future empirical studies on reserve asset risks, trade interoperability, and decentralized finance protocols.