#稳定币市场 Seeing the draft of South Korea's "Digital Asset Basic Act," what flashed through my mind was the frenzy of stablecoins in 2017. At that time, USDT was everywhere, and no one really cared about the reserves backing it—just that it could be used. Now, South Korea requires stablecoin issuers to deposit over 100% of the assets in banks or trusts, which sounds like a correction of lessons learned back then.

Looking back, every regulation in the stablecoin market has been driven by reality. The Luna-Terra collapse, FTX liquidation—each bloody case has made regulators realize that this stuff can no longer be left to run wild. South Korea's measures this time are actually not radical; essentially, they demand a true 1:1 reserve system and bankruptcy isolation protections, which are already basic knowledge in traditional finance.

But seeing the Financial Committee and the central bank still arguing over who should issue and regulate, I can understand this hesitation. Stablecoins involve more than just crypto assets; they also touch the nerves of the entire financial system. Delaying submission until next year is less about procrastination and more about balancing innovation space and financial security.

This reminds me of past experiences—regulation coming late is not necessarily bad, but coming too quickly can scare off the industry. Looking at South Korea's pace, their choice to be a bit slower but more cautious might be the smartest approach.