The Governor of the Bank of Korea (BOK), Rhee Chang-yong, is set to convene with leaders of various Korean banks to discuss the potential swift rollout of Won-denominated stablecoins, according to a report from Newsis.
This meeting is anticipated to take place during a bankers’ dinner on June 23 at the Seoul Bankers’ Association building, where the implications of political pressures surrounding stablecoin issuance will be a focal point of conversation.
The timing of the gathering coincides with the Democratic Party of Korea’s recent introduction of legislation aimed at legalizing stablecoin issuance by domestic firms, further amplifying the urgency of the discussions.
South Korea’s ruling Democratic Party has introduced the Digital Asset Basic Act to legalize stablecoin issuance.#SouthKorea #CryptoRegulations #Stablecoinshttps://t.co/5NLE2AEab5
— Finance Newso.com (@Finance Newso) June 10, 2025
The BOK has previously raised alarms over the potential risks posed by stablecoins issued by non-bank entities, with Governor Rhee warning that such assets could disrupt both monetary policy and financial stability.
Increased Momentum in Stablecoin Discussions
Local media reports indicate that the pace of discussions surrounding stablecoins has notably intensified. The governor has been making regular visits to meet with executives from commercial banks.
Last month, Rhee undertook an unusual tour of six major Korean banks including KB Kookmin, Shinhan, Hana, Woori, NH Nonghyup, and IBK Industrial Bank. During these sessions, they discussed the BOK’s digital currency initiatives, including ‘Project Hangang’ and ‘Agora Project.’
However, conversations about a central bank digital currency (CBDC) have lost steam following the recent inauguration of the Trump administration.
BOK’s Plan for Blockchain-Integrated Deposit Tokens
Deputy Governor Lee Jong-ryeol is currently exploring a proposal to integrate the BOK’s deposit tokens with a public blockchain system. He categorizes state-sponsored deposit tokens as a “type of stablecoin,” designed to function within the bank’s digital currency framework.
With no existing regulations governing stablecoins in South Korea, various strategies are expected to be explored in forthcoming regulatory dialogues.
The surge in the volume of dollar-denominated stablecoins within Korea has also been reported by Seol Business Daily, where these assets are noted to represent over 95% of the global stablecoin market. Deputy Governor Jong-ryeol has expressed concerns regarding the increasing presence of foreign stablecoins, labeling them as the “most concerning” aspect of Korea’s cryptocurrency environment.
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