[Editorial] The United States has entered the era of "Stablecoin OEM." How long will South Korea continue to delay on the legislation?

The largest virtual asset exchange in the US, Coinbase, has officially launched an experiment in “customized stablecoins.” Fintech company FlipCash is leveraging Coinbase’s infrastructure to mint its own brand of dollar-pegged tokens, “USDF.” The era of “OEM (white-label) production” of stablecoins has begun. Even if companies are unfamiliar with blockchain technology, as long as they entrust Coinbase, they can produce “currency” bearing their own branding for payroll and payment settlements — this is not a distant future but the current scene of “financial manufacturing” unfolding in the United States.

Hearing this news, I can’t help but look back at Yeouido. The bitter truth is that South Korea’s time remains stagnant. While the US, through the GENIUS Act, has lifted regulatory shackles and is expanding the digital dollar economy infinitely, South Korea has yet to finalize the legal definition of a “won stablecoin.”

Coinbase’s move is highly significant. They have transcended the simple model of earning transaction fees and evolved into a “financial infrastructure company” that uses Circle’s USDC as collateral to help anyone issue their own currency. This is akin to Amazon’s AWS, which allows anyone to easily start an internet business, heralding the “cloudification of money.” In the future, US fintech, circulation, and gaming companies will use dollar stablecoins as weapons to conduct borderless commercial activities.

What about South Korea? Even if domestic companies want to introduce blockchain payment systems, there are no usable “won tokens.” Given the difficulty of opening corporate accounts, issuing stablecoins independently is a pipe dream. Financial authorities continue to replay the old record of “cautious review,” citing concerns over money laundering or the Terra-Luna incident.

While we hesitate, global market standards are rapidly shifting toward a “digital dollar” reconstruction. If services like Coinbase’s “stablecoin OEM” spread, Korean companies might even abandon the won for the convenience of USDF and other dollar tokens. Isn’t this a loss of “monetary sovereignty” in the digital age?

Technology will not wait. The US has long regarded stablecoins as a core component of the “industry” rather than a “regulatory” target and has begun mass production. If Korea continues to deliberate over legislation and wastes valuable time, we may forever become a manufacturing base for digital finance.

The excuse of “under review” no longer holds. The US is spreading digital dollars worldwide through OEM methods. We must also break out of the sandbox and open the gates, enabling companies to safely issue won stablecoins and compete on the global stage. The greatest risk to innovation is not “uncertainty,” but the inaction of “laziness.”