South Korea’s Central Bank Advocates Gradual Stablecoin Adoption

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The Bank of Korea (BOK) supports a phased approach to stablecoin issuance, with banks leading the rollout before expanding to other sectors.

Deputy Governor Ryoo Sangdai emphasized that regulated banks should be the primary issuers of won-pegged stablecoins to ensure stability.

“Starting with banks—subject to strict oversight—before extending to non-banking entities would help mitigate risks,” Ryoo said during a press conference.

He warned that unchecked stablecoin adoption could disrupt markets, trigger capital flight, and complicate foreign exchange policies.

BOK Governor Rhee Chang-yong has also expressed caution, noting concerns over forex management despite not opposing a won-backed stablecoin outright.