Bank of Korea cites former Biden policy in push for bank-led stablecoins

The Bank of Korea (BOK) is advocating for a bank-centric model for stablecoin issuance in its latest white paper, basing its argument on a policy from the former Biden administration, Yonhap News reported. In the paper’s key section on stablecoin adoption, the BOK identified a bank-led issuance model as its top priority. It supported this recommendation with a footnote citing a report from the U.S. President's Working Group on Financial Markets (PWG) published during Joe Biden's presidency. This contrasts with the current Trump administration's policy, which does not mandate a bank-centric model and instead allows non-bank entities to issue stablecoins.