Samsung Wallet could support Korean won stablecoins, executive says

A Samsung Global Research executive has suggested that a Korean won-denominated stablecoin could eventually be integrated into Samsung Wallet as South Korea prepares to introduce new rules for digital assets. Summary Samsung Global Research executive Park Hyun-soo said a Korean won stablecoin could be integrated into Samsung Wallet if such a digital currency is introduced. Park pointed to Samsung Wallet’s existing US stablecoin service, which supports international transfers to more than 60 countries, as a possible model for South Korea. The executive said stablecoins could be used to settle tokenized securities transactions as South Korea prepares for full scale STO issuance next year. Park warned that widespread stablecoin adoption could affect bank lending, monetary policy and market competition, while regulatory compliance could raise transaction costs. Park Hyun-soo, managing director at Samsung Global Research, made the remarks on November 5 during a policy seminar at the National Assembly Members’ Office Building in Seoul’s Yeouido district, held to mark the publication of The Future of Money, the Stablecoin Revolution. According to Park, Samsung’s existing stablecoin servic...