South Korean Merchants Could Save $3.8 Billion Annually with Stablecoins, Study Finds

A recent study by South Korea's National Assembly Budget Office indicates that the adoption of won-denominated stablecoins could lead to significant savings for merchants in the country, potentially reducing payment processing fees by up to 5.15 trillion won ($3.8 billion) annually. The analysis, published on September 8, highlights that current credit card transaction fees, which range from 1.3% to 1.5%, could be lowered to between 0.1% and 0.3% with the use of stablecoins.

The study specifically examined won-denominated stablecoins, contrasting them with the dollar-pegged tokens that dominate the global market, which accounted for 98.8% of the approximately $312.3 billion stablecoin market as of July 2026. The potential for fee reduction hinges on the extent of merchant adoption and changes in fee structures.

However, the analysis also raised concerns about risks associated with stablecoin implementation, including possible outflows from bank deposits and instability in the peg during large-scale redemptions. These risks have led to a divide between South Korea's two main financial regulators: the Bank of Korea advocates for stablecoin issuers to be bank-controlled, while the Financial Services Commission supports broader participation from innovative players.

The proposed Digital Asset Basic Act, which aims to create a regulatory framework for stablecoins and other digital assets, is currently under legislative review. Until this legislation is finalized, the concept of won-denominated stablecoins remains largely theoretical, as the country navigates the differing visions of its financial regulators.

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Source: KLEA News