원화 기반 스테이블코인 법제화의 주요 법적 쟁점 - 미국의 지니어스법과 개정 UCC를 중심으로

The United States secured the legal stability of stablecoins as a payment method by incorporating payment stablecoins into the statutory framework through the enactment of the GENIUS Act in 2025 and the UCC amendments in 2022. This provides important implications for the Republic of Korea, which is pursuing the introduction of a won-based stablecoins. The proliferation of stablecoins carries the potential to undermine monetary policy functions and financial stability. Therefore, similar to the GENIUS Act, regulations are needed regarding issuer qualifications, issuance, redemption, and reserve asset structures, along with the establishment of a supervisory framework. Regulatory standards comparable to those governing traditional payment systems are required. Particularly, since won-based stablecoins will be used as a means of payment innovation, it is essential not only to clearly establish a concept distinct from investment assets but also to ensure the stability of the private law validity of payment transactions. The U.S. GENIUS Act appears to have designed a compromise system under the principle of separating banking and non-banking activities. This includes establishing a subsidiary-centered model of insured depository institutions as the basic structure to control systemic risks potentially caused by private issuance, and permitting issuance by non-bank institutions only within limited scope. This provides important implications for the policy choice between the ‘bank-centered model’ and the ‘open fintech model’ being discussed in Korea. Furthermore, prohibiting interest payments on payment stablecoins, defining eligible reserve assets, and establishing user protection mechanisms in case of issuer or custodian bankruptcy are also evaluated as essential regulatory elements worth considering. Meanwhile, separate from regulatory legal preparations, establishing judicial principles regarding the transfer of rights represented by payment stablecoins, user protection in case of issuer or custodian bankruptcy, and the finality of payment settlements are also core tasks. In Korea, particularly since the civil law nature of digital assets has not yet been established, a legislative foundation is necessary for the above legal issues to ensure the legal stability of transactions under the law. The United States' establishment of a new Article 12 in the UCC to create a legal framework for digital assets (Controllable Electronic Records: CER) serves as a powerful reference model for Korean legislation. In summary, the legal framework for won-based stablecoins is only complete when two elements are established concurrently: ① a regulatory legal foundation, including concept definitions reflecting technical characteristics, regulations on issuer qualifications and business activities considering monetary policy and financial stability, and establishing its nature as a payment instrument (e.g., prohibiting interest payments); and ② a judicial system ensuring transfer of rights and settlement finality. Therefore, the core of stablecoin legislation lies in meticulously analyzing the U.S. GENIUS Act and the revised UCC from regulatory and transactional law perspectives to design a balanced system suited to domestic conditions.