South Korea to permit won stablecoin issuance via bank-led consortia

The South Korean government has decided to permit the issuance of won-denominated stablecoins, starting with consortia in which banks hold a majority stake of over 50%, the Seoul Economic Daily reported exclusively. Under the plan proposed by South Korea's Financial Services Commission, these bank-centric consortia will be allowed during the initial phase of stablecoin adoption. The framework also recognizes the ability of a technology company to be the largest single shareholder. This structure is expected to enable the formation of consortia where multiple banks share ownership, while a tech firm like Kakao could hold the largest individual stake.