South Korean Central Bank Deputy Governor: Stablecoin issuance should start with banks and then gradually expand

Gate News bot message, a senior official of the Central Bank of Korea said on Tuesday that during President Lee Myung-bak’s administration, Korea is promoting a cryptocurrency-friendly policy, allowing banks to issue Stable Coin first, and then gradually expanding to non-bank sectors.

According to Yonhap News Agency, Deputy Governor of the Central Bank of Korea, Ryu Sang-dae, conveyed this information to the heads of major commercial banks at a meeting held at the headquarters of the Central Bank in Seoul.

“Initially, it is best to allow major banks regulated by higher financial institutions to issue Stable Coins, and then gradually expand it to non-bank sectors,” said Liu Xiangdai on Tuesday.

Currently, South Korea is making efforts to cope with the significant increase in digital asset trading, with trading volume soaring from $12.9 billion (17.59 trillion won) in the third quarter of 2024 to $42.4 billion (57.9 trillion won) in the first quarter of 2025.

In the first quarter of 2025, nearly half of all digital assets transferred overseas (worth $19.5 billion) exist in the form of Stablecoin, which has raised concerns about the threat to national currency coin sovereignty.

Liu Xiangdai said: “Our goal is to establish a safety net while considering the possibility of market chaos or consumer harm.”

Source of the news: Decrypt