South Korea's Stablecoin Issuer Rules Enter Final Stretch: Bank-Led or Open to Non-Banks

Summary

South Korea is nearing a decision on who may issue won-denominated stablecoins under its Digital Asset Framework Act, with the key question being how far issuer eligibility should extend. The leading proposal allows bank-led consortia to issue, with banks required to hold at least 50% plus one shar…

Key points

Operators watching the won stablecoin compliance path and payment use cases can gauge who will qualify to issue and what reserve asset requirements will apply.
Once issuer eligibility and reserve asset rules are finalized, they will determine whether won stablecoins can become a mainstream payment tool.
The threshold for banks and non-bank players entering the won stablecoin market is being redefined, which will also change who payment and wallet providers choose as partners.

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Editorial note

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