$USDC Kyung-chul, head of the BOK’s electronic finance division, reinforced this stance, saying stablecoins could affect the central bank’s ability to execute monetary policy, supervise the financial system, and regulate payment infrastructure. He emphasized that the BOK must have “substantial legal authority” in the authorization process for entities seeking to issue such coins.

The issue comes into sharper focus amid new data revealing the dominance of dollar-based stablecoins in South Korea’s crypto market. Democratic Party lawmaker Min Byung-duk recently disclosed that nearly half of all crypto assets transferred overseas in the first quarter of 2025 were in stablecoins like Tether (USDT) and USD Coin (USDC).

The Financial Supervisory Service reported that out of 56.8 trillion won (approx. $40.6 billion) moved abroad through major exchanges — including Upbit, Bithumb, Coinone, Cobbit, and Gopax — nearly 47.3% was in stablecoins.