Bank of Korea won’t issue stablecoins: Here’s why

The Bank of Korea has ruled out directly operating stablecoin businesses, with Governor Hyun Song Shin telling lawmakers on October 12 that private companies should handle their issuance and operations while the central bank continues developing its institutional digital currency system. Bank of Korea Governor Hyun Song Shin said private companies should operate stablecoins, not banks themselves. During October 12 parliamentary testimony, Shin distinguished private stablecoins from the central bank's Hangang project. Project Hangang combines institutional digital currency with deposit tokens issued and managed by commercial banks.