Bank of Korea Urges Bank-Led Won Stablecoin Issuance

TheNewsCryptoPublicado a 2026-02-23Actualizado a 2026-02-23

Resumen

The Bank of Korea (BOK) has urged that the issuance of Korean won-pegged stablecoins should be led by commercial banks, warning that private issuance could undermine monetary policy and create foreign exchange and financial stability risks. In a report submitted to the National Assembly, the central bank described stablecoins as "currency-like substitutes" and emphasized that their rollout must consider broader economic impacts, not just industrial profits. The BOK expressed concerns that stablecoins could be used to circumvent foreign exchange regulations and stressed that non-bank issuers might conflict with Korea’s separation of banking and commerce principles. It recommended that banks, which are subject to strict regulatory standards, should be the primary issuers, with any expansion beyond banks proceeding cautiously after risk assessments. The report reflects ongoing debates among policymakers about who should be allowed to issue won stablecoins and echoes the BOK’s previous warnings on the matter. While acknowledging stablecoins' potential role in the digital asset revolution, the bank proposed structural safeguards, including a bank-focused consortium model and a statutory interagency policy body for oversight. The BOK cited the U.S. GENIUS Act as an example of cross-agency supervision. However, this bank-led approach has faced opposition from industry members, including some policymakers, who argue that clearer rules for issuers could sufficiently mitigate risks.

The central bank of South Korea has allegedly renewed its push to keep Korean won-pegged stablecoin issuance in the hands of commercial banks, alerting policymakers that privately issued digital tokens could diminish monetary policy and create new foreign-exchange and financial-stability risks.

Recently, a report was submitted to the National Assembly Strategy and Finance Committee of South Korea. The Bank of Korea (BOK) mentioned won stablecoins as “currency-like substitutes” and said their rollout must account not only for industrial profits but also for monetary policy, foreign exchange stability and financial risks, as per the report.

The central bank restated concerns that stablecoins could be used to avoid foreign exchange regulations, comprising earlier reporting needs, and claimed that permitting non-bank bodies to issue them independently could conflict with the separation of banking and commerce principles of Korea.

It also mentioned that banks, which are subject to capital, governance and compliance standards, should be allowed first, with any widening beyond banks advancing slowly after risk assessments.

The report lands as policymakers debate a postponed stablecoin framework, with one of the prominent sticking points being who should be eligible to issue won-pegged tokens and how much control banks should hold in any issuing body.

The Echo of Previous Warnings

The bank allegedly stated programmable stablecoins could back the digital asset revolution and function as payment tools, but it also floated structural safeguards, including a bank-focused consortium model and a statutory interagency policy body that could systemise approvals and supervision over regulators.

As per the reports, the Bank of Korea also quoted the GENIUS Act framework of the United States as an example of cross-agency supervision that comprises the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation.

The report reflects its previous warnings, which claim that banks should be heading the introduction for stablecoin issuance since they are so far subject to strict regulatory needs. Although, this approach has witnessed a repulsion from the members of the industry, including some policymakers.

The chair of the Kaia DLT Foundation, Sangmin Seo, has earlier mentioned that the argument for banks heading the stablecoin launch is short on logical foundation. Seo mentioned that setting clearer rules for issuers can reduce risks.

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Preguntas relacionadas

QWhat is the Bank of Korea's main stance on who should issue won-pegged stablecoins?

AThe Bank of Korea's main stance is that the issuance of won-pegged stablecoins should be led by and kept in the hands of commercial banks.

QWhat are the three main areas of risk the BOK says stablecoin rollout must account for?

AThe three main areas of risk are monetary policy, foreign exchange stability, and financial risks.

QAccording to the BOK report, what principle could allowing non-banks to issue stablecoins conflict with?

AIt could conflict with Korea's principle of the separation of banking and commerce.

QWhich U.S. regulatory framework did the Bank of Korea cite as an example of cross-agency supervision?

AThe Bank of Korea cited the U.S. GENIUS Act framework as an example.

QWho is Sangmin Seo and what was his criticism of the bank-led stablecoin model?

ASangmin Seo is the chair of the Kaia DLT Foundation. He criticized the bank-led model, stating that the argument for banks heading the stablecoin launch is short on logical foundation and that setting clearer rules for issuers can reduce risks.

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