South Korea’s central bank wants banks to take the lead in issuing stablecoins, ensuring tighter oversight before opening the market to others.
In a recent press briefing, Bank of Korea Deputy Governor Ryoo Sangdai outlined a cautious approach, suggesting that won-pegged stablecoins should debut under banking regulations to minimize risks.
“Starting with banks—then expanding—is the safest path,” Ryoo said, warning that unchecked stablecoin growth could destabilize markets and trigger capital flight.
He also raised concerns about forex policy implications, including possible shifts in Korea’s stance on won internationalization.
While BOK Governor Rhee Chang-yong hasn’t rejected the idea of a won stablecoin, he stressed the need for careful forex management to prevent financial instability.
