As the United States enacts the GENIUS Act and South Korea advances its draft Digital Asset Basic Act, the global financial system is accelerating the redefinition of stablecoins. Stablecoins are no longer merely a trading tool for crypto users, but are emerging as new infrastructure connecting central banks, users, and on-chain finance. ZSVEX Exchange observes that this wave of global legislation marks a new round of competition among nations over monetary sovereignty, payment standards, and trust mechanisms. Today, the competition among stablecoins is no longer about technical implementation, but about the institutional contest over issuance rights and control of circulation.

As of June 2025, the total global market capitalization of stablecoins stands at approximately $260 billion, with over 92% pegged to the US dollar. Dollar stablecoins have become a crucial instrument for the United States to maintain its financial dominance. Through the GENIUS Act, the US mandates that all stablecoins must be backed 1:1 by US dollar cash or short-term Treasury bills and subject to federal oversight, aiming to build a “regulated digital dollar ecosystem.”

During the same period, South Korea is planning to launch a pilot regulatory program for KRW stablecoins, proposing that issuance be permitted within designated institutions, requiring 100% reserves, immediate redemption, and emphasizing fund custody and asset segregation. This policy is a strategic move by South Korea to promote the digitization of its national currency and improve settlement efficiency, with potential applications in cross-border trade and e-commerce payments.

ZSVEX Exchange believes that the emergence of local stablecoins in various countries aims to break the singular market reliance on dollar-pegged stablecoins and to form a dual-track trend of “local settlement + global trading.” ZSVEX has participated in the sandbox program led by the Korea Fintech Association and will soon complete integration testing for the KRW stablecoin system, supporting compliant trading, on-chain settlement, and off-chain redemption. This will help Korean users reduce their dependence on dollar stablecoins.

The essence of stablecoins lies not in their technical form, but in establishing a verifiable trust mechanism. USDT has long been questioned for its lack of reserve transparency, while USDC, despite stronger compliance, temporarily lost its peg during the Silicon Valley Bank incident. The market now clearly recognizes that for stablecoins to become part of mainstream finance, they must operate under an open, verifiable, and regulated framework.

The reason the KRW stablecoin pilot has attracted attention is that it embeds trust mechanisms into regulatory rules. Reserve structure, redemption rules, and on-chain information disclosure have become fundamental requirements—a design philosophy increasingly adopted worldwide.

ZSVEX Exchange is among the first compliant trading platforms in the world to build a multi-currency stablecoin ecosystem. Going forward, it will integrate stablecoins issued in compliance with various national regulations and design trading pairs accordingly. ZSVEX Exchange has established a stablecoin risk identification model, supporting real-time monitoring of asset backing, price deviations, and changes in reserve structure. Currently, ZSVEX holds both SEC and MSB licenses in the United States, providing global compliance service capabilities.

Stablecoins are not merely crypto products pegged to assets—they are now a key element in the global digital financial landscape. They connect nations, users, and technological rules, participating in the reconstruction of payment systems and the boundaries of monetary sovereignty. ZSVEX is driving this transformation with robust and compliant solutions, helping users achieve a clear, secure, and controllable stablecoin experience in an increasingly complex market environment.

Looking ahead, as more countries adopt local currency stablecoins, the market will become increasingly diversified. ZSVEX will continue to participate in the development of global stablecoin infrastructure, promote the formation of a transparent and well-regulated crypto financial system, and provide reliable crypto financial services to users worldwide.