[Report] A Strategic Framework for the Coexistence of the Three Pillars of Digital Currency This report aims to analyze the global issuance and circulation mechanisms of digital assets that claim to function as legal tender, and to propose regulatory directions and growth strategies that should be adopted by Korean policymakers and industry stakeholders. Readers in other jurisdictions are encouraged to interpret the findings within the context of their own regulatory environments. Key Points - CBDCs and stablecoins are not substitutes but complements, reflecting the traditional dual structure of central bank money and commercial bank money in a digital context. - Bank-issued stablecoins are optimized for wholesale settlement and institutional trust, while non-bank stablecoins serve retail economies and Web3 ecosystems—together forming a parallel framework. - As demonstrated by initiatives like Project Agorá, CBDCs are essential for cross-border settlement due to their legal finality, protection of monetary sovereignty, and governance neutrality. - To balance monetary sovereignty with innovation, Korea should pursue a dual-track approach: allowing non-bank stablecoin experiments within regulatory sandboxes, while promoting institutional stablecoins led by commercial banks. The full report "A Strategic Framework for the Coexistence of the Three Pillars of Digital Currency" written by DeSpread Head of Strategy @Earl_Senor can be accessed through the links below⤵️ ENG: KOR: JPN: ZH: