Overview

• Senior deputy governor Ryoo Sang-dai said commercial banks should lead initial issuance of won-denominated stablecoins before expanding to non-bank issuers.
• The central bank is consulting with major lenders to prepare a second pilot of its central bank digital currency as policy parameters become clearer.
• The proposed Digital Asset Basic Act would allow companies with at least 500 million won in equity to issue won-backed stablecoins under Financial Services Commission oversight.
• Governor Rhee Chang-yong expressed support for won-pegged stablecoins while urging a thorough assessment of their impact on exchange rate management and monetary stability.
• Analysts warn that a proliferation of issuers could fragment the market and recommend backing stablecoins with real assets such as gold or government bonds to strengthen confidence.