Jo Jae-woo Director: "The Private Sector Should Lead Won Stablecoin Initiatives"

There has been an argument that the issuance of won-based stablecoins should be led by the private sector.

On the 10th (local time), Jo Jae-woo, Director of the Hansung University Blockchain Research Institute, stated via X (formerly Twitter), "Some argue that the issuance of (won-based) stablecoins should be led by banks," but emphasized, "At this stage, the issuance of stablecoins should indeed be private sector-led."

He specifically pointed out that traditional financial institutions might not be able to keep pace with the development of stablecoins. Jo noted, "Stablecoins continue to be a rapidly growing field," adding that "Bitcoin (BTC), real-world assets (RWA), and others are also being integrated with stablecoins." He further remarked, "I've never heard discussions about these new changes in traditional financial institutions," stressing, "Bureaucratic organizations are unlikely to keep up with the trends."

Meanwhile, earlier, Lee Chang-yong, Governor of the Bank of Korea, stated, "We need to carefully consider whether to allow won-based stablecoins in non-bank sectors," emphasizing the need for bank-centered oversight and regulation of won-based stablecoins.