The global stablecoin leader Tether has successively launched its own blockchain 'Plasma' and 'Stable'. The strategy is to no longer rely on external public chains like Ethereum or TRON for the daily billions of dollars of USDT in circulation, and to directly control fees and settlement. While the existing blockchain ecosystem was 'user-driven', Tether now aims to create a new order of 'settlement-driven'.
The issue now is Korea. At a time when discussions about digital asset institutionalization and stablecoin introduction are maturing, we are at a point where we must ask 'who takes the fees' before 'which chain to use'. Previous discussions have been immersed only in technology selection and regulatory considerations. However, Tether is changing the rules of the game by owning the fee structure and settlement infrastructure itself.
There is a point we must definitely recognize. Stablecoins are no longer 'a type of virtual asset'. Stablecoins are now an infrastructure replacing banks. Looking at the ecosystem Tether is building, USDT has become a settlement currency beyond a payment method, absorbing commercial transactions from financial institutions and trading companies, and even at the national level through its own blockchain. The payment, remittance, and settlement functions previously handled by banks are being replaced in real-time by blockchain-based stablecoins.
Notably, Tether now completely controls the 'fee gateway' through three chains: retail payment (Plasma), corporate payment (Stable), and localized payment (US-specific stablecoin). This is not simply creating chains, but a declaration that Tether will directly operate the 'immigration office' of global dollar flows.
Tether's revenue structure is growing rapidly, already surpassing traditional finance. In 2024, Tether recorded approximately $13 billion in net profit, with a significant portion coming from US Treasury interest and capital gains from Bitcoin and gold. With the addition of fee collection through its own blockchain, annual revenue is expected to increase further. With the launch of Plasma and Stable, there is a high possibility that hundreds of millions to billions of dollars in on-chain revenue will be concentrated in the Tether ecosystem.
Korea can no longer be a bystander. When establishing stablecoin policies domestically, it must design a structure where issuance structure, chain selection, and ultimately fees and settlement sovereignty are attributed domestically. Otherwise, the structure of transferring trillions of won in on-chain revenue overseas will become entrenched.
The United States already considers stablecoins a 'national strategic asset' and is accelerating legislation, while the European Union has implemented the MiCA law. In contrast, Korea's private stablecoin issuance remains ambiguous, with no clear policy roadmap. Financial authorities must view the market from an entirely new perspective of "settlement sovereignty" rather than "financial decentralization".
Tether is no longer just a company issuing a coin, but stands at the center of a new order seeking to control the entire digital dollar settlement infrastructure. If Korea overlooks the essence of this change, we will once again remain on the periphery of the global digital financial order, having introduced technology without gaining authority. The cost will be greater than imagined.
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