South Korean Ruling Party Demands Stablecoin Plan, Floats Consortium Model

South Korea’s ruling party has drawn a line in the sand, ordering the Financial Services Commission to deliver a stablecoin regulatory plan by December 10.

Key lawmaker Kang Jun-hyeon stated the party is prepared to drive its own bill forward if the government fails to act.

The legislative push, targeting a January passage, comes amid high-level discussions on a novel issuance structure.

Authorities are reportedly considering a consortium model that would include the Bank of Korea, the FSC, and the commercial banking sector.