Lee Eok-yeon "A regulatory framework for dollar stablecoins must be established"

Lee Eok-yeon, the nominee for Financial Services Commission chair, said that in addition to institutionalizing won-denominated stablecoins, a regulatory framework for dollar-based stablecoins such as USDT and USDC should also be established.

At a National Assembly confirmation hearing on the 2nd, the nominee responded to Democratic Party of Korea lawmaker Kang Jun-hyun's remark that dollar stablecoins could threaten South Korea's monetary sovereignty by saying, "I think that along with institutionalizing won-denominated stablecoins, a regulatory framework for dollar stablecoins should also be established."

Regarding the 'bank-centered issuance of won stablecoins' approach advocated by the Bank of Korea, he replied, "I will look into that matter further and inform you."

Democratic Party of Korea lawmaker Kang Jun-hyun pointed out, "If issuance is allowed to entities other than banks, limits on total issuance, capital requirements, monitoring safety measures, etc., must be put in place." In response, the nominee said, "I am considering it and I am familiar with the related matters."