DPK calls for Korean won-based stablecoin to support payments in K-pop and webtoons

The Democratic Party of Korea (DPK) is pushing forward a plan to strengthen the nation's control over digital currencies by introducing a Korean won-based stablecoin, according to The Korea Economic Daily. The initiative aims to establish the stablecoin as a key payment method in cultural sectors such as K-pop and digital comics, commonly known as webtoons. DPK lawmaker Min Byoung-dug stated on social media that a blockchain-based digital currency could support policy implementation and improve its effectiveness. Min also criticized Reform Party presidential candidate Lee Jun-seok for what he described as an “anti-crypto perspective,” referring to Lee’s comments during a May 18 TV debate where he dismissed the viability of non-dollar-backed stablecoins. Lee noted that USDT and USDC currently account for 90% of the stablecoin market. Min also plans to propose a comprehensive digital asset law to bring cryptocurrencies under South Korea’s legal framework.