According to DL News, South Korea’s Financial Services Commission is considering a proposal to let major tech companies issue stablecoins pegged to the South Korean won. The move, which has drawn concerns from some industry insiders, could trigger competition between banks and big tech firms. The government, including President Lee Jae-myung, supports the plan, though the Bank of Korea has previously opposed it. Major banks are reportedly preparing for the potential shift by forming stablecoin and crypto-related task forces.
South Korean Regulator May Allow Tech Giants to Issue KRW-Pegged Stablecoins
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