South Korea’s National Assembly Budget Office published a study on September 8 projecting that won-denominated stablecoins could reduce merchant payment fees by 370 billion to 5.15 trillion won annually, equivalent to $275 million to $3.8 billion. These savings would come from lowering transaction fees from the current 1.3% to 1.5% down to 0.1%-0.3% with stablecoin-based payments. However, the Bank of Korea and the Financial Services Commission disagree on regulation: the former wants stablecoin issuers to be controlled more than 50% by traditional banks, while the latter advocates for broader participation. The global stablecoin market currently stands at $312.3 billion, with 98.8% denominated in U.S. dollars.
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