South Korea plans to allow banks and non-banks to jointly issue won stablecoins

ChainCatcher news, according to News1, the South Korean National Planning and Coordination Committee is considering granting a consortium of banks and non-bank institutions the right to issue a won stablecoin, with relevant regulation and licensing to be overseen by the Financial Stability Agreement Council.

This initiative aims to combine the stability of banks with the innovation of fintech companies, and the related bill is expected to be promoted by the Financial Services Commission in October.