South Korea's Ruling Party Wants to Allow Companies to Issue Stablecoins: Bloomberg
South Korean President Lee Jae-myung's Democratic Party submitted a bill to parliament that would allow qualifying companies to issue stablecoins, Bloomberg reported on Tuesday.
The Digital Asset Basic Act is aimed at improving transparency and encouraging competition in cryptocurrency, Bloomberg said. Companies would be able to issue their own stablecoins provided they have at least 500 million won ($368,000) in equity capital and can guarantee refunds through reserves as well as receiving approval from the Financial Services Commission.
Lee, voted in as president last week, made a number of promises to South Korea's crypto industry during his election campaign, appealing to the nation's 15 million crypto investors. Among them, he said the country should support a won-based stablecoin market "to prevent national wealth from leaking overseas," the Korea Herald reported.
Stablecoins are tokens pegged to the value of a traditional financial asset, such as a fiat currency, with the U.S. dollar being comfortably the most prevalent. Their stability provides a counterweight to the volatility of cryptocurrencies like bitcoin BTC and ether ETH, allowing users to hold capital in digital assets without having to worry about wild swings in price.
The sector, which is dominated by Tether's USDT, has experienced a surge in interest this year thanks to, among other factors, progress toward regulation of the sector in the U.S.
The strength of the stablecoin sector has been highlighted in the last week by the strong performance of USDC issuer Circle's stock (CRCL) following its initial public offering (IPO). The shares more than quadrupled during the first three days of trading. In addition, market cap of the sector reached $250 billion for the first time.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Top Cryptocurrencies Fall; Bitcoin Hovers Above $103,000
Major digital assets fell Friday with Bitcoin (BTC-USD) hovering above $103,000. The CoinDesk Mar Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
Hamilton Spectator
42 minutes ago
- Hamilton Spectator
Rejecting Trump's rhetoric, Maine's governor heads to Maritimes to build ties
HALIFAX - Maine's governor is heading to the Maritimes next week with hopes a charm offensive will slow the rapid drop in Canadian tourist visits to her state. In a release issued Friday, Janet Mills says she's aware the historically close relationship between New England and its northern neighbours has been challenged by U.S. president Donald Trump's tariffs and his rhetoric about Canada becoming the 51st state. According to U.S. federal border crossing data released Friday, 85,000 fewer Canadians entered Maine in May than in the same month a year ago, a drop of about 27 per cent. The governor says she will spend three days meeting with premiers, appearing in local media and visiting businesses in hope of sending a message that Maritimers remain 'welcome in Maine' despite Trump's trade policies. On Monday, the governor will stop in Saint John, N.B., where she intends to visit businesses with links to Maine and she then will travel to Fredericton to hold talks with New Brunswick Premier Susan Holt. On Wednesday, Mills will meet with Nova Scotia Premier Tim Houston in Halifax and tour a marine technology centre. Last month, the governor unveiled new, bilingual signs welcoming Canadian visitors, which are being placed in windows around the state. On June 13, in her weekly radio address, Mills said she wants to ensure the 'historic friendship and deeply intertwined economies last for generations to come.' 'It's not just our economies – we are connected so deeply by mutual economic advantages and on centuries-old familial, cuisine, language, and cultural bonds that far supersede politics,' she told her listeners, reminding them that Canada is the United States' closest and most important trading partner. The Democratic Party member said Trump's 'roller coaster tariffs' are unsettling business in her state and 'making our Canadian neighbors feel unwelcome in the United States.' In 2024, nearly 800,000 Canadian visitors spent approximately US$498 million in Maine, according to the state's Office of Tourism. Overall, the data showed Maine welcomed 14.8 million visitors, who spent more than US$9.2 billion, supporting 115,900 jobs and generating US$5.4 billion in wages. This report by The Canadian Press was first published June 21, 2025. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy . This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page .
San Francisco Chronicle
3 hours ago
- San Francisco Chronicle
Democrats are at odds over the Israel-Iran war as Trump considers intervening
After nearly two years of stark divisions over the war in Gaza and support for Israel, Democrats are now finding themselves at odds over U.S. policy toward Iran as progressives demand unified opposition to President Donald Trump's consideration of a strike against Tehran's nuclear program while party leaders tread more cautiously. U.S. leaders of all stripes have found common ground for two decades on the position that Iran cannot be allowed to obtain a nuclear weapon. The longtime U.S. foe has supported groups that have killed Americans across the Mideast and threatens to destroy Israel. But Trump's public flirtation with joining Israel's offensive against Iran may become the Democratic Party's latest schism, just as it is sharply dividing Trump's isolationist 'Make America Great Again' base from more hawkish conservatives. While progressives have staked out clear opposition to Trump's potential actions, the party leadership is playing the safer ground of demanding a role for Congress before Trump could use force against Iran. Many prominent Democrats with 2028 presidential aspirations are staying silent, so far, on the Israel-Iran war. 'They are sort of hedging their bets,' said Joel Rubin, a former deputy assistant secretary of state who served under Democratic President Barack Obama and is now a strategist on foreign policy. 'The beasts of the Democratic Party's constituencies right now are so hostile to Israel's war in Gaza that it's really difficult to come out looking like one would corroborate an unauthorized war that supports Israel without blowback.' Progressive Democrats use Trump's ideas and words Rep. Ro Khanna, D-Calif., has called Trump's consideration of an attack 'a defining moment for our party' and has introduced legislation with Rep. Thomas Massie, R-Ky., that calls on the Republican president to 'terminate' the use of U.S. armed forces against Iran unless 'explicitly authorized' by a declaration of war from Congress. Khanna used Trump's own campaign arguments of putting American interests first when the congressman spoke to Theo Von, a comedian who has been supportive of the president and is popular in the 'manosphere.' 'That's going to cost this country a lot of money that should be being spent here at home,' said Khanna, who is said to be among the many Democrats eyeing the party's 2028 primary. Vermont Sen. Bernie Sanders, an independent who twice sought the Democratic presidential nomination, pointed to Trump's stated goal during his inaugural speech of being known as 'a peacemaker and a unifier.' 'Very fine words. Trump should remember them today. Supporting Netanyahu's war against Iran would be a catastrophic mistake,' Sanders said about Israeli Prime Minister Benjamin Netanyahu. Sanders has reintroduced legislation prohibiting the use of federal money for force against Iran, insisted that U.S. military intervention would be unwise and illegal and accused Israel of striking unprovoked. Senate Democratic leader Chuck Schumer of New York signed on to a similar bill from Sanders in 2020, but he is so far holding off this time. Some believe the party should stake out a clear anti-war stance as Trump weighs whether to launch a military offensive that is seemingly counter to the anti-interventionism he promised during his 2024 campaign. 'The leaders of the Democratic Party need to step up and loudly oppose war with Iran and demand a vote in Congress,' said Tommy Vietor, a former Obama aide, on X. Mainstream Democrats are cautious, while critical The staunch support from the Democratic administration of President Joe Biden and Vice President Kamala Harris for Israel's war against Hamas loomed over the party's White House ticket in 2024, even with the criticism of Israel's handling of the humanitarian crisis in Gaza. Trump exploited the divisions to make inroads with Arab American voters and Orthodox Jews on his way back to the White House. Today, the Israel-Iran war is the latest test for a party struggling to repair its coalition before next year's midterm elections and the quick-to-follow kickoff to the 2028 presidential race. Bridging the divide between an activist base that is skeptical of foreign interventions and already critical of U.S. support for Israel and more traditional Democrats and independents who make up a sizable, if not always vocal, voting bloc. In a statement after Israel's first strikes, Schumer said Israel has a right to defend itself and 'the United States' commitment to Israel's security and defense must be ironclad as they prepare for Iran's response.' Sen. Jacky Rosen, D-Nev., was also cautious in responding to the Israeli action and said 'the U.S. must continue to stand with Israel, as it has for decades, at this dangerous moment." 'It really seems like the Trump and Iran war track is kind of going along like a Formula 1 racetrack, and then the Democrats are in some sort of tricycle or something trying to keep up,' said Ryan Costello, a policy director for the Washington-based National Iranian American Council, which advocates for diplomatic engagement between U.S. and Iran. Other Democrats have condemned Israel's strikes and accused Netanyahu of sabotaging nuclear talks with Iran. They are reminding the public that Trump withdrew in 2018 from a nuclear agreement that limited Tehran's enrichment of uranium in exchange for the lifting of economic sanctions negotiated during the Obama administration. 'Trump created the problem,' said Sen. Chris Murphy, D-Conn., on X. 'The single reason Iran was so close to obtaining a nuclear weapon is that Trump destroyed the diplomatic agreement that put major, verifiable constraints on their nuclear program.' The progressives' pushback A Pearson Institute/Associated Press-NORC Center for Public Affairs Research poll from September 2024 found that about half of Democrats said the U.S. was being 'too supportive' of Israel and about 4 in 10 said their level support was 'about right.' Democrats were more likely than independents and Republicans to say the Israeli government had 'a lot' of responsibility for the continuation of the war between Israel and Hamas. About 6 in 10 Democrats and half of Republicans felt Iran was an adversary with whom the U.S. was in conflict. Democratic Rep. Yassamin Ansari, an Iranian American from Arizona, said Iranians are unwitting victims in the conflict because there aren't shelters or infrastructure to protect civilians from targeted missiles as there are in Israel. 'The Iranian people are not the regime, and they should not be punished for its actions,' Ansari posted on X, while criticizing Trump for fomenting fear among the Iranian population. 'The Iranian people deserve freedom from the barbaric regime, and Israelis deserve security."
