The Bank of Korea and Bank of France recently held a two-day seminar focused on the intersection of digital assets and climate change, specifically their repercussions on economies and the responsibilities of central banks. This event brought together researchers from central banks and academic experts from both nations.
During the seminar, discussions revolved around essential topics such as central bank digital currencies, payment systems, macroeconomic risks, and challenges facing financial policies. This seminar marks the latest iteration of an ongoing academic exchange program initiated in 2024 between the two countries.
How do stablecoins fit into this evolving financial landscape? Globally, stablecoins now boast a market value reaching approximately $311 billion, a substantial increase from about $50 billion five years ago. Transaction volumes via stablecoins have surpassed $34 trillion in 2025, illustrating their rapid integration into international commerce and institutional transactions.
In South Korea, the central bank mandates that stablecoins pegged to the won must be issued exclusively by licensed banks to ensure monetary stability and mitigate the risk of significant outflows in USD. Legislative actions are anticipated by mid-2026 to formalize these regulatory measures. Meanwhile, in France, digital assets, including stablecoins, are categorized as negotiable intangible property, requiring all issuers to be fully licensed by June 30, 2026, under the EU MiCA framework.
Further, the passage of the GENIUS Act in mid-2025 marked the introduction of the first comprehensive federal regulations in the US concerning stablecoin issuance and reserve management. This legislation has sparked a surge of similar regulatory initiatives across multiple jurisdictions, driving a global movement towards standardizing regulations for digital asset governance.
In conclusion, as central banks navigate the complexities of new digital financial technologies and environmental considerations, their roles will increasingly evolve to manage these emerging financial realities effectively.