"For won-denominated stablecoins, what is needed is a bank-deposit-backed collateral structure—not bank-led issuance"

As an industry-wide act covering the market at large—including digital-asset issuance and disclosures as well as exchange regulation—is set to be fleshed out next month, a proposal has been raised on a key issue: a 'bank-centric stablecoin issuance structure.'

Professor Lee Jong-seop of Seoul National University, speaking as a presenter on the 26th at the National Assembly building in Yeouido, Seoul, at the 'Discussion on Reviewing the Direction of Phase 2 Digital Asset Legislation,' said, "The reason financial authorities argue for bank-centric stablecoin issuance is risk management," adding, "What is necessary to enhance stablecoin stability is not bank-led issuance but a collateral structure centered on bank deposits."

The Financial Services Commission (FSC) is currently requiring that, under Phase 2 digital-asset legislation, stablecoin issuers—digital assets whose value is pegged to fiat currency—apply an ownership structure in which banks hold 50%+1 of the equity.

Lee said he can understand part of the FSC’s legislative intent. "A bank-centric governance structure can offer supervisory and enforcement convenience, faster decision-making, and the straightforward application of existing regulatory frameworks," he said, adding that "this can secure the value of prudential control."

However, he noted that 'bank-centric stablecoin issuance' does not necessarily guarantee stablecoin stability as the FSC claims. He explained that regulating only the issuer’s shareholding structure cannot ensure price stability and confidence in redemption.

Lee cited ▲information asymmetry, ▲insufficient collateral liquidity, and ▲deteriorating market confidence as factors that threaten stablecoin stability. He stressed, "These stablecoin risk factors cannot be resolved through a bank-centric stablecoin issuance structure."

To address them, he argued, cooperation between the banking sector and the fintech industry is needed.

"Given the characteristics of Korea’s capital market today, black-and-white thinking such as 'bank-centric vs fintech-centric' is not appropriate," he said, adding that "it is time to consider solutions rather than debate the ownership structure." He continued, "We need a collaborative structure in which banks provide deposit collateral and an initial trust base, while fintech firms take charge of scalability through on-chain infrastructure and technological innovation," and added, "A model in which banks and fintech firms divide roles by leveraging their respective strengths is a realistic direction for designing a Korea-style stablecoin."