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The Bank of Korea has reaffirmed its support for bank-led issuance of South Korean won stablecoins and is advancing the pilot application for deposit tokens.

1 hours ago

Bank of Korea (BOK) has submitted its latest views to the National Assembly’s Finance Committee, reiterating that South Korean won stablecoins should be primarily issued by a banking consortium, and recommending the establishment of a statutory policy coordination mechanism involving relevant regulators to strengthen the stablecoin issuance and regulatory framework. The BOK noted that this stance is aimed at safeguarding financial stability, and once again underscores its divergence with some political circles and industry bodies on the issue of stablecoin issuers. Meanwhile, the BOK announced it will continue advancing its deposit token pilot program in the second half of this year, with plans to apply the technology to government subsidy disbursement, consumption vouchers, charging infrastructure payments, and other real-world commercial scenarios. Deposit tokens, which are tokenized forms of commercial bank deposits, are seen as a key direction for South Korea’s tokenized finance. Due to long-running disputes over core issues like stablecoin issuance eligibility, the legislative process for South Korea’s Digital Asset Basic Act has remained slow. The BOK has long advocated that banks hold controlling stakes in stablecoin issuing institutions, while how to integrate digital assets such as stablecoins and RWAs (Real-World Assets) into the existing financial regulatory system remains a major point of contention in South Korea’s digital asset legislation.

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