Concerns have been raised that stablecoins issued by major countries, including the United States and the European Union (EU), could pose potential risks to the financial market and the economy as a whole. This is because if trust in stablecoins is undermined, it could lead to a coin run, causing significant shocks to the financial markets.
According to the 'Financial Stability Report (June 2025)' published by the Bank of Korea on the 25th, the global market capitalization of stablecoins as of last month was estimated at $230.9 billion (based on the top 10 major stablecoins). The proportion of stablecoins used in cryptocurrency transactions also increased significantly from 7.9% on Dec. 7, 2017, to 84.0% last month.
Stablecoins are cryptocurrencies designed to fix their value at 1:1 with fiat currencies such as the U.S. dollar or the euro. Unlike other cryptocurrencies, they hold high-liquidity safe assets, such as Government Bonds, corresponding to their issuance, giving them stability. As a result, stablecoins have recently started to be used not just as transaction means but also as a storage of value.
Major countries are moving toward the systemization of stablecoins in line with their ongoing expansion. In the United States, an amendment to the 'GENIUS ACT' containing legislation related to stablecoins passed the U.S. Senate this year, and in the EU, the 'Regulatory Framework for Crypto Assets Market (MiCa)' was implemented last year.
However, there are also risks. Major risks associated with the spread of stablecoins include the possibility of a coin run (a phenomenon where customers rush to withdraw their money from cryptocurrency exchanges), transaction and operational risks, foreign exchange transaction and capital inflow and outflow risks, constraints on the effectiveness of monetary policy, technological errors, and the risk of criminal misuse.
In particular, if foreign currency-based stablecoins are widely used in non-reserve currency countries, it could increase foreign exchange-related risks such as exchange rate volatility and capital inflows and outflows. Furthermore, it may negatively affect the credibility of currency and the banking system's credit creation function, acting as a destabilizing factor in the financial system.
The Bank of Korea noted, 'The potential risk factors to financial stability and the economy posed by the spread of stablecoins cannot be overlooked,' adding that 'the Bank of Korea, along with the government and financial authorities, must conduct multifaceted and thorough examinations concerning the introduction of stablecoins.'