Lee Jae-myung Proposes Korean Won-Based Stablecoin to Boost Local Trade

South Korea’s Democratic Party leader, Lee Jae-myung, has proposed a domestically issued stablecoin pegged to the Korean won to increase local economic activity and reduce capital outflow. This initiative aims to counter recent significant outflows from Korean crypto exchanges by providing an alternative to dollar-pegged stablecoins like USDT and USDC. The proposal is supported by the Bank of Korea for a pilot project, with collaboration underway to develop a state-backed digital currency. Lee Jae-myung hopes this initiative will enhance domestic economic integration while mitigating reliance on foreign currencies for trade and investments.