South Korea Ponders Granting Stablecoin Issuance Rights to Consortiums

South Korea’s government is exploring a unique approach to stablecoin regulation. The National Policy Planning Committee has proposed granting authority to issue Korean won-denominated stablecoins to consortia formed by banks and financial institutions. This initiative will be overseen by the Financial Stability Agreement, which aims to establish clear licensing standards for this innovative venture. This move seeks to leverage the stability of traditional banking alongside the technological advancements of fintech companies.