Stablecoin Battle Intensifies! South Korea’s Ruling Party Proposes "Digital Asset Basic Law" as U.S. Senate Rushes GENIUS Act Vote  

TradingKey – Following Hong Kong’s approval of the Stablecoin Ordinance, South Korea and the U.S. are accelerating their own stablecoin regulations.  

On Tuesday, June 10, South Korea’s newly elected President Lee Jae-myung fulfilled his campaign promise on stablecoin regulation, with his Democratic Party introducing the "Digital Asset Basic Law."  

Key provisions of the law:  

- Companies with at least 500 million KRW in capital can issue stablecoins  

- Issuers must guarantee redemptions through reserve funds  

This law aims to establish clear guidelines for stablecoin issuance, supporting domestic blockchain innovation while ensuring financial stability.  

Meanwhile, the United States is fast-tracking its own stablecoin framework. According to Cointelegraph (June 10), Senate Majority Whip John Thune has filed a cloture motion to end debate on the GENIUS Act and bipartisan amendments, pushing for a procedural vote tomorrow (June 11).  

Earlier, Hong Kong passed the Stablecoin Ordinance, set to take effect on August 1.  The rapid stablecoin policy shifts worldwide suggest a booming era for digital currencies, as nations compete to lead the financial revolution.  

Investor sentiment remains highly optimistic, evidenced by Circle’s ongoing stock surge — a sign that the stablecoin industry could see explosive growth in the near future.