PPP lawmaker backs bank-led won stablecoin rollout with later fintech expansion

Amid delays to legislation on a basic digital asset law, Kim Sang-hoon, chair of the People Power Party’s special committee on stock and digital asset value-up, stressed the need for a two-track strategy for won-denominated stablecoins, with issuance led by banks in the early stage to secure stability and later expanded to non-bank players such as fintech firms for distribution and innovation in technology and products, Edaily reported. In an interview with Edaily at the National Assembly Members’ Office Building in Yeouido on Aug. 20, Kim said he accepts a bank-centered issuance plan based on a "50%+1" rule, while arguing a two-track approach is needed to pursue both innovation and stability.