Bank of Korea Urges Cautious Approach for Korean Won Stablecoin Rollout

Korea’s Bank of Korea is advocating a cautious strategy for the development of Korean won stablecoins, urging banks to lead the issuance process. Governor Lee Chang-yong stressed that only large companies with established Know Your Customer (KYC) processes should be permitted to issue these stablecoins. This approach aims to mitigate potential risks and ensure financial stability, particularly in light of rising global stablecoin adoption.