Bank of Korea stands firm on bank-led stablecoin push as deposit token pilots advance
The Bank of Korea is urging that won-denominated stablecoins be issued first through bank-led consortiums, with safeguards such as a statutory policy body involving relevant agencies. This position continues its push to keep stablecoin issuance centered on banks and has intensified debate over South Korea’s Digital Asset Basic Act. The disagreement over who can issue stablecoins has slowed the bill, with policymakers and industry split on whether nonbanks should be allowed greater involvement. The BOK also said it will keep expanding deposit-token use cases in the second half of the year, including government subsidy payments, vouchers, EV charging, and other public transactions. Deposit tokens represent commercial bank deposits. In parallel, the government has explored tokenized deposit pilots for operational spending, while lawmakers continue debating how stablecoins and tokenized assets should fit into existing financial rules.
