Bank of Korea Calls for Phased Stablecoin Implementation, Starting with Banks

The Bank of Korea (BOK) has proposed a structured framework for stablecoin issuance, with regulated banks serving as the initial gatekeepers.

Deputy Governor Ryoo Sangdai emphasized that a won-denominated stablecoin should first be introduced within the banking sector to ensure regulatory safeguards before broader adoption.

“A tiered approach—beginning with banks and later including non-banking entities—would help establish necessary protections,” Ryoo stated.

He warned that premature expansion could lead to market disruptions, capital outflows, and challenges in maintaining foreign exchange stability.

BOK Governor Rhee Chang-yong has also highlighted forex management as a key concern, indicating that while a won-based stablecoin isn’t opposed, its implementation requires careful oversight.