**”Stablecoin: Money Reset”** is a new book that provides a concise overview of the structure, market, and regulations of digital currencies whose value is pegged to fiat currencies. The authors discuss the opportunities and risks faced by businesses, governments, and users, offering practical guidance for the transition to digital currency.
The book begins by asking, “Why stablecoins now?” Stablecoins are positioned as commercial digital currencies that reduce volatility through their link to fiat currencies while incorporating the openness of blockchain technology and offering 24/7 payment capabilities. This infrastructure challenges traditional finance’s cost and time constraints, presenting stablecoins as a matter of monetary order rather than just technology.
Chapter 1 reviews the definition, types, and operational principles of stablecoins, highlighting their benefits in payments, remittances, trading, and decentralized finance (DeFi). It explains reasons for their foundational role, using examples of reserve assets, pegging mechanisms, on-chain payments, and decentralized network efficiency.
Chapter 2 addresses “money created by companies,” examining the experiments and limitations left by Meta’s Libra. It compares the liquidity of Tether (USDT) and the regulatory compliance strategies of Circle (USDC). The chapter also examines case studies of PayPal (PYUSD), Paxos (USDP), and Binance (BUSD) to explore differences in reserve management, licensing, and commercialization strategies. It contrasts Tether’s expanding influence as a “global reserve asset” from shadow banking with Circle’s integration into the institutional finance system by securing federal licenses.
Chapter 3 discusses the development across countries. The US serves as a “laboratory” with concurrent infrastructure and regulation. The EU is stabilizing with a clear order (MiCA), while places like Hong Kong, Japan, and Singapore drive innovation through licensing. In third-world countries, the demand for currency substitution and inflation hedging promotes the adoption of stablecoins. Innovation in cross-border remittances and the need for corporate stablecoins are also central topics.
The relationship with Central Bank Digital Currencies (CBDCs) is pivotal. CBDCs, guaranteed by states, have the upper hand in stability and trust, though they come with privacy and control issues. Conversely, stablecoins offer bottom-up innovation and experimentation in open ecosystems. The book envisages “competition and coexistence” as a practical scenario for the two.
Upcoming challenges for stablecoins include transparency in reserves, depegging risks, legal liabilities, cybersecurity, and the social costs of continuous payments. Finally, the book presents challenges for Korea, such as the requirements for a won-backed stablecoin, regulatory clarity, validating payment infrastructure, and the division of roles between the private and public sectors. “Stablecoin: Money Reset” pushes readers beyond imagining post-Bitcoin currency to considering the choices businesses and governments need to design right now.
**Stablecoin: Money Reset** by Jung Ku-tae, Park Hye-jin, Kim Ga-young, Lee Dong-ki, Kim Ho-kyun, published by Mirae Books, is priced at 19,000 KRW.