Bank of Korea stands firm on bank-led stablecoin push as deposit token pilots advance
South Korea's central bank reaffirmed its push for bank-led won stablecoin issuance while advancing deposit token pilots. The Bank of Korea submitted proposals requiring bank consortiums to have priority in stablecoin issuance, adding statutory safeguards. This stance has delayed South Korea's Digital Asset Basic Act, as policymakers and industry groups remain divided on stablecoin issuer rules.
Key takeaways
- 1Bank of Korea submitted proposals requiring bank consortiums to have priority in won stablecoin issuance with statutory safeguards.
- 2BOK plans deposit token pilots for government subsidy payments, vouchers, EV charging, and public real-world transactions in H2 2026.
- 3South Korea's Digital Asset Basic Act remains delayed due to policymaker and industry disagreements on stablecoin issuer rules.
Why it matters
South Korea's regulatory stance on stablecoins will shape Asia's crypto framework and influence how Indian exchanges and crypto firms operate regionally. Bank-led stablecoin structures could set precedent for central bank preferences globally, affecting retail crypto adoption and institutional participation in emerging markets.
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