In recent years, digital assets based on non-dollar currencies have seen rapid growth in the global stablecoin market, bringing significant changes to the international financial landscape. Particularly since the European Union (EU) implemented the Markets in Crypto-Assets (MiCA) regulation in June 2024, the potential of non-dollar stablecoins has begun to materialize. Among these, Euro-denominated stablecoins are gaining significant attention, establishing themselves as a new pillar of global digital finance. Amidst this global trend, concerns are rising that South Korea may fall behind in the digital financial hegemony competition due to delays in related legislation. Currently, the stablecoin market remains predominantly centered around the U.S. dollar. While over 90% of the global stablecoin supply consists of dollar-denominated stablecoins, non-dollar stablecoins have gained competitiveness and are growing rapidly since the implementation of MiCA. According to a report published by payment provider Decta in December 2025, the monthly transaction volume of Euro-pegged stablecoins in Europe surged tenfold from $383 million before the regulation to $3.83 billion. This growth is underpinned by the clear regulatory environment established by MiCA. The MiCA regulation led to the delisting of non-compliant stablecoins like Tether (USDT), thereby creating a foundation for compliant Euro-based stablecoins to grow rapidly in the market. Circle's EURC saw its trading volume increase by 1,139%, while Société Générale's bank-issued stablecoin EURCV experienced a 343% rise in transaction volume. Stasis's EURS recorded a remarkable 644% surge in market capitalization, demonstrating prominent performance in the European digital currency market. This exemplifies how effective regulation can enhance the trustworthiness and utility of assets within a digital economic ecosystem. Beyond Europe, major countries like Japan, Singapore, and Brazil are also driving innovative changes in the digital currency market. Japan recently launched its first regulated Yen-denominated stablecoin, receiving positive responses in both domestic and international markets. Singapore currently boasts an on-chain (blockchain-based) stablecoin transaction volume of $18 billion, strengthening its regional digital payment infrastructure. Brazil has reported an eightfold increase in transfer volume within a year by utilizing Real-pegged stablecoins. These nations are proactively introducing regulations to seize digital financial leadership, thereby integrating stablecoins based on their national currencies into the core of their financial systems. The growth of non-dollar stablecoins is further substantiated by specific figures. According to the latest report published by Dune, commissioned by Visa, on March 30, 2026, the total supply of non-dollar stablecoins across EVM chains, Solana, Tron, and Stellar reached $1.2 billion (approximately 1.83 trillion KRW), with a monthly transfer volume of $10 billion (approximately 12.3 trillion KRW). Even more notably, the number of unique holders surged 30-fold in three years, from 40,000 in January 2023 to 1.2 million by early 2026. This is clear evidence that stablecoins are establishing themselves not merely as speculative assets but as actual payment infrastructure. South Korea's Legislative Vacuum and Global Competitiveness Concerns The year 2026 is being hailed as the inaugural year for stablecoin institutionalization. With the completion of legislation in the U.S. and Europe, regulatory uncertainties have been resolved, accelerating the integration of stablecoins into the global financial system. Given that major traditional payment companies like Mastercard, Stripe, PayPal, and Visa are actively adopting stablecoins into their payment rails, digital currencies are now solidifying their position as a mainstream financial innovation. These companies are leveraging stablecoins to enhance the efficiency of cross-border payments, reduce transaction costs, and establish real-time settlement systems. South Korea, however, is lagging behind other major Asian countries in this international trend. While some development and pilot projects for Won-based stablecoins are underway, related legislation and regulatory frameworks remain insufficient. As of 2026, major banks such as Shinhan Bank, Industrial Bank of Korea, and Nonghyup Bank are forming consortiums to pilot Won-denominated stablecoin projects. However, without a clear legal framework, significant progress is difficult to achieve. The fact that South Korea is among the last major Asian countries to enact dedicated stablecoin legislation is a source of concern among industry stakeholders. This insufficient regulatory environment is likely to impact not only the domestic financial market but also the broader economic system. While stablecoins are globally establishing themselves as payment solutions, complementing existing payment infrastructure, South Kore
Related Articles