The Governor of the Bank of Korea, Rhee Chang-yong, has expressed openness to the idea of a won-based stablecoin, but he remains cautious about its impact on foreign exchange management.
He noted that such a stablecoin could facilitate exchanges with dollar stablecoins, potentially increasing their demand and complicating forex management.
This statement aligns with the ongoing efforts of South Korea's new president, Lee Jae-myung, to regulate the crypto sector, especially as the nation’s forex reserves have decreased from $415.6 billion to $404.6 billion in six months.
Recently, the ruling Democratic Party introduced the Digital Asset Basic Act, allowing companies with a minimum capital of $368,000 to issue stablecoins, provided they maintain adequate reserves and receive approval from the Financial Services Commission.
Meanwhile, US dollar-backed stablecoins like Tether and USDC dominate the market, although Circle's euro-pegged stablecoin has seen significant growth this year.
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