The Shift of Dollar Hegemony, Is Circle at its Center? The Explosive Power of Stablecoins That Will Swallow the Global Financial Ecosystem, Kim Dong-hwan, New Frontier Partners Paul Kim, Kim Kang-ho CEO [Crypto PLUS]

Summary

Paul Kim, Chairman of New Frontier Labs, discusses the stablecoin landscape after the GENIUS Act, the challenges for foreign issuers entering Korea, and Circle's strategy with its ARC token and payment network. He argues that regulatory clarity is gradually improving, which will attract institutional capital to on-chain finance. The conversation also covers the convergence of traditional and decentralized finance, with Ethereum remaining dominant for tokenized assets.

• The GENIUS Act has made stablecoin licensing more stringent, creating a barrier for new entrants including Big Tech.
• Foreign stablecoin issuers face regulatory, custody, and hedging challenges in the Korean market.
• Institutional adoption of stablecoins is seen as the next major growth driver, particularly in Korea.
• Circle's ARC token and CPN network aim to diversify revenue beyond reserve management.
• Ethereum is expected to retain its lead in tokenized asset issuance despite competition from new chains.
• The convergence of CeFi and DeFi is accelerating, with products like leveraged ETF trading on-chain.
• Short-term price stagnation masks rapid infrastructure development and regulatory progress.
• The speaker's own company Piper is launching a GENIUS Act-compliant dollar stablecoin with BitGo.