원화 스테이블 코인 규제 방안―미국 지니어스법의 시사점을 중심으로―

As major jurisdictions such as the United States, the European Union, and Japan institutionalize stablecoins through legislative measures, global utilization of stablecoins is expected to increase significantly. In Korea, although the volume of stablecoin transactions has surged, regulatory discussions have only recently begun to gain momentum. In this context, it is both timely and meaningful to examine the U.S. Congress’s deliberations on the most recently enacted legislation—the “GENIUS Act”—and analyzing its key issues to derive implications for Korea’s legislative framework. The Trump administration, through the GENIUS Act, sought to leverage the market dominance of dollar-based stablecoins and to reinforce digital financial hegemony by linking reserve assets to U.S. Treasury securities. In response, countries including Korea have begun exploring the issuance of stablecoins pegged to their respective national currencies, aiming to establish autonomous digital monetary systems. Within this global context, Korea must objectively assess the necessity and prospects of KRW-pegged stablecoins and adopt a regulatory framework that balances financial stability and consumer protection with innovation and industrial growth. Currently, the global stablecoin market is dominated by dollar-based stablecoins such as Tether(USDT) and Circle(USDC). However, from the U.S. perspective, Tether is considered a foreign-issued stablecoin. Thus, one of the central issues during congressional deliberations was whether to permit the issuance and circulation of Tether within the United States. In light of such international deliberations, Korea must also carefully consider whether to allow the domestic issuance and distribution of foreign-issued stablecoins like Tether, and if so, determine the appropriate scope and regulatory standards. This paper focuses on the fact that stablecoins are designed and utilized primarily for their “payment and settlement” functions, serving as substitutes for cash. It proposes that Korea’s legal framework should accommodate only fiat-referenced stablecoins that are pegged to a single legal tender and backed by highly liquid and secure reserve assets. Furthermore, in consideration of innovation and growth, this paper suggests permitting non-financial institutions to issue stablecoins, contingent upon unanimous approval by relevant authorities. However, to ensure value stability and consumer protection, such issuers should be subject to regulatory standards equivalent to those imposed on banks. By introducing the latest developments in U.S. stablecoin regulation, this paper aims to make a meaningful contribution to the formulation of Korea’s legislative policies and institutional direction.