South Korea Touts Won Stablecoin Savings of $1.23 Billion

South Korea is considering legislation for a won stablecoin that officials estimate could cut annual cross-border payment costs by $1.23 billion, or about 1.7 trillion won. According to Lee Seung-seok, a senior fellow at the Korea Economic Research Institute, this would primarily come from reducing correspondent-bank hops, fees, and settlement delays.

The savings would not be entirely realized due to FX markups of 1.5%, 3.5% and compliance checks that would still apply. This indicates that for broad adoption, crypto, DeFi, and payment infrastructure must integrate with existing banking and regulatory frameworks.