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Bank of Korea warns that local stablecoins will increase dollar dependence

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The Governor of South Korea’s central bank, Rhee Chang-yong, said he is concerned about the country’s early-stage explorations of Korean won-pegged stablecoins, saying they could induce more demand for the U.S. dollar. He noted that this could pose challenges for the central bank in overseeing foreign exchange.

In a press briefing on Wednesday, Rhee said issuing won stablecoins may not reduce the use of dollar stablecoins, but rather facilitate the exchange between dollar stablecoins and won stablecoins, which may increase the demand for dollar stablecoins.

However, his warning clashed with new South Korean President Lee Jae Myung’s agenda to promote won-pegged stablecoins, mainly to prevent capital flight.