BOK Governor says stablecoins, deposit tokens both have their uses

Shin Hyun-song, Governor of the Bank of Korea, said on July 9 that he believes stablecoins and deposit tokens each have their own specialized uses. According to Yonhap News, Shin made the remarks during a plenary session of the National Assembly's Finance and Economy Planning Committee in response to a question from Democratic Party lawmaker Ahn Do-geol. He stated that stablecoins and deposit tokens will maintain a competitive and complementary relationship within the monetary ecosystem. Shin also emphasized that his position on the need to promptly introduce a system for won-based stablecoins remains unchanged.