Stablecoin
스테이블코인
A stablecoin is a cryptocurrency designed to maintain a stable value by pegging to a reference asset such as fiat currency (predominantly the US dollar) or commodities. Originally created as a volatility hedge for cryptocurrency trading, stablecoins now function as core infrastructure for cross-border payments, settlement, and decentralized finance (DeFi). Dollar-pegged stablecoins structurally create demand for US Treasury bills by holding them as reserves, operating as private digital dollars that extend dollar-denominated payment rails across the globe on blockchain infrastructure.
Sources
- Wikipedia (EN) definition, types (fiat-backed, crypto-backed, commodity-backed, algorithmic), market composition (~97% dollar-denominated), uses (trading, cross-border payments, currency substitution), regulatory landscape including GENIUS Act
- Wikipedia (KO) Korean-language article covering classification, history (2014–present), major issuers (USDT, USDC), Korean regulatory environment, and de-pegging incidents
- philadelphiafed.org Philadelphia Fed Economic Insights (June 2026) by Joseph Abadi: mechanisms of reserve-backed model, market growth from $25bn to nearly $300bn, role in cross-border payments and inflation hedging, comparison to Free Banking era, Treasury Secretary Bessent's statement on stablecoins buttressing dollar reserve currency status
- cgdev.org Center for Global Development Policy Paper 365 (October 2025): definition of stablecoins as cryptocurrency pegged to and backed by another asset, cross-border payment function, growth trajectory, regulatory evolution post-GENIUS Act, risks to monetary sovereignty and financial stability