Bank of Korea stands firm on bank-led stablecoin push as deposit token pilots advance
The Bank of Korea (BOK) has doubled down on its stance that won-denominated stablecoins should first be issued through bank-led consortiums. According to local reports from Digital Asset and EDaily, the central bank made the comments in materials submitted on Thursday to the National Assemblys finance committee. Local outlets reported that the BOK called for safeguards, including priority issuance by bank-led consortiums and a statutory policy body involving relevant agencies. The latest comments reinforce the BOKs months-long push to keep won stablecoin issuance under bank-led structures. The central banks stance has divided policymakers and industry groups and contributed to delays in South Koreas digital asset bill. The BOK also said it plans to continue developing deposit-token use cases in the second half of the year, including support for government subsidy payments, vouchers, electric vehicle charging infrastructure and further real-world transactions for the general public. Deposit tokens are digital tokens that represent commercial bank deposits. In April, BOK Governor Hyun-Song Shin expressed support for deposit tokens and central bank digital currencies (CBDCs) in his first public address, while South Koreas Ministry of Economy and Finance announced a pilot to use tokenized deposits for government operational spending. BOKs stablecoin stance keeps bill debate alive The BOKs latest comments