The Bank of Korea's labor union is raising alarms about the growing popularity of stablecoins, particularly concerning the potential introduction of a Korean Won (KRW) stablecoin. According to Yonhap Infomax, union chairman Kang Young-dae argues that stablecoins function as a "new type of pseudo-deposit taking," attracting investors with the promise of stability without offering interest. Kang highlights inherent risks, including IT vulnerabilities of issuers and potential discrepancies between the value of the stablecoin and its reserve assets. He cautioned that a loss of confidence in a stablecoin issuer could trigger a "coin run," leading to a sell-off of assets, including government bonds, significant consumer losses, and potential economic shocks. The union's stance underscores growing regulatory scrutiny of stablecoins and their potential impact on financial stability. ```