Gyeonggi Province moves to introduce a stablecoin—the first among local governments—aiming for “digital finance innovation”

Gyeonggi Province has begun a full-scale push to introduce a stablecoin. The plan is to curb the volatility of crypto assets and build a province-specific digital finance infrastructure through a stablecoin that can be used for everyday payments and applied to administrative services.

On the 27th of last month, Gyeonggi Province posted a request for proposals for a “Research service on measures to introduce a Gyeonggi Province stablecoin,” and began work on formulating a proactive response strategy in line with discussions on the expansion and institutionalization of blockchain-based financial infrastructure. The study will run for about eight months from the start date, with a total project budget of KRW 200 million.

Gyeonggi Province plans to first identify projects where the introduction of a stablecoin would generate the greatest synergies and then establish the optimal adoption model. In particular, it intends to design an e-wallet-based payment system that residents can use conveniently, and to directly verify the impact on streamlining administrative processes.

This project is differentiated in that it goes beyond a simple literature review to include a technical proof of concept (PoC). Key tasks include: ▲in-depth analysis of the policy environment and legal framework for stablecoins ▲analysis of feasibility and expected economic effects ▲establishment of a phased execution strategy and a sustainable operating model ▲technical PoC and digital infrastructure design.

Gyeonggi Province plans to wrap up proposal evaluations and negotiations within this month, and to hold a kickoff briefing alongside formal contract signing in April. After an interim report in July, it aims to present a detailed blueprint for a Gyeonggi-style stablecoin at a final report meeting in December this year.

Gyeonggi Province explained the rationale by saying, “At a time when blockchain-based financial infrastructure is spreading, proactive action at the local-government level is essential,” adding, “Through this study, we will complete a digital finance innovation model that enhances resident convenience while securing both transparency and efficiency in administrative services.”