'On-chain finance outpaces regulation — money moves without banks': Oh Tae-min [Herald Money Festa 2026]

At the Herald Money Festa 2026, Dugby Co. CEO Oh Tae-min argued that the proliferation of dollar-pegged stablecoins poses a significant threat to global monetary sovereignty. He posited that the United States is strategically leveraging stablecoins to channel global savings into U.S. government bonds, potentially creating a zero-sum game that undermines demand for local sovereign debt. This shift could force non-U.S. central banks to align interest rates with the Federal Reserve to maintain exchange rate stability, thereby eroding their independent monetary policy discretion. Furthermore, the migration of cross-border payments and remittances to on-chain markets is bypassing traditional banking infrastructure, with transactions now settling in minutes. Oh highlighted that crypto exchanges are evolving into comprehensive financial hubs, suggesting that traditional banks must integrate these platforms to remain competitive. The discussion also touched upon the rapid growth of decentralized finance, noting that Robinhood Chain has seen $25.09 million in monthly volume through innovative trading pairs involving tokenized stocks like Nvidia and SpaceX. Ultimately, the analysis underscores a growing tension between user-driven on-chain financial innovation and the regulatory frameworks attempting to contain it.