Lee Yeon-woo is a financial journalist at The Korea Times. Her wide range of reporting includes policies, macroeconomics, stock market, companies and even crypto. She is passionate about connecting the dots in Korean finance and making it easier for foreign nationals to understand. Based on her previous experience as a national reporter, she also has a keen interest in social issues within the sector, including gender equality and ESG. Your tips and insights are always appreciated. You can send them to yanu@koreatimes.co.kr.
Open USD pushes Korea to rethink stablecoin model
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By Lee Yeon-woo
Distribution players to take center stage
The upcoming launch of Open USD, a dollar-pegged stablecoin backed by more than 140 global financial and technology firms, is expected to reshape Korea's stablecoin debate by shifting the focus from issuers to companies with real distribution power, industry officials said Tuesday.
Open USD is challenging the issuer-dominated profit model that has long defined the stablecoin market. Its governance rights and reserve income will be shared among participating companies, with revenue distributed based on the competitiveness of each distribution partner. The launch is scheduled for the second half of this year.
In Korea, 13 companies, including Samsung Electronics, Shinhan Financial Group, KB Kookmin Card, Dunamu and Hanwha Group, have joined the initiative. Global firms such as Visa, Mastercard, Stripe, BlackRock, Coinbase, Google, BNY and Standard Chartered are also among the participants.
Industry officials said the emergence of Open USD carries significant implications for Korea as the country debates the introduction of a won-pegged stablecoin.
So far, Korea's stablecoin discussion has largely centered on who should be allowed to issue a won-pegged token. Traditional financial institutions have favored a bank-led consortium model, citing financial stability, while fintech and virtual asset firms argue that limiting issuance rights to banks could stifle innovation and competition. The debate remains deadlocked, with no legal amendments expected in the near term.
Open USD's structure, however, suggests that the market increasingly believes that while launching a stablecoin has become easier, building one that gains real adoption is far more difficult. Lee Jun-hoo, an analyst at Hana Securities, said Korea's won-denominated stablecoin market is likely to develop under a similar framework.
"Since stablecoin issuance volume is ultimately determined by demand, distribution competitiveness matters more than issuance itself, and revenue will likely be determined by distribution volume," Lee said.
"In June 2025, stablecoin-related stocks rose indiscriminately on expectations of business adoption, but the situation is now different. Companies with strong distribution competitiveness and business scalability are expected to stand out," Lee added.
The participation of major Korean companies, including Samsung Electronics, in a global dollar stablecoin alliance has also raised concerns that Korea's lack of domestic legislation could widen its regulatory gap.
Kim Se-hui, an analyst at Eugene Investment & Securities, said wider adoption of Open USD across major global payment networks could further strengthen dollar dominance on-chain, noting that dollar-pegged stablecoins already account for more than 83 percent of the market. That, she said, could in turn fuel discussions on the need to build stablecoins based on local currencies.
"A consortium-based model involving banks, card companies, cryptocurrency exchanges and big tech firms, with issuance and distribution functions integrated, appears increasingly likely in the won-denominated stablecoin market," she said.
Lee and Kim both named Naver as their top stock pick, citing its online payment network and expected synergies with Dunamu, the operator of Upbit, Korea's largest cryptocurrency exchange.