Stablecoin Trade Settlement Technology Ready, Institutional Issues Highlighted

Choi Hyung-cheol, CEO of Portlogics, stated at a seminar held on the 2nd at KBIZ Hall in Yeouido, Seoul, that the technical foundation necessary for trade settlement using stablecoins has been established, but the related regulations are lagging behind the global market. He explained, "Blockchain finance is technically complete, and we can start immediately once the regulations open up." Choi mentioned that the U.S. has operational systems in place, indicating that Korea is falling behind. He warned that if regulations lag behind market changes, domestic manufacturing companies could suffer. He pointed out that if foreign companies attempt to pay trade amounts to domestic companies using stablecoins, the lack of support from domestic regulations could limit export opportunities for small and medium-sized enterprises. He also emphasized the difficulty of applying existing verification methods for trade settlements directly to the stablecoin environment and highlighted the importance of establishing a non-face-to-face verification system. He added that the digitization of bills of lading and customs-related documents is crucial for trade settlements based on stablecoins.

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