South Korea weighs letting non-banks issue won stablecoins
- —One proposal limits issuance to consortia where banks hold over 50% plus one share
- —Bank of Korea backs private won stablecoins but favors bank-led consortia
- —Fintechs warn bank control could stifle blockchain and payment innovation
- —Offshore KRWQ stablecoin already circulates with about $546,000 market cap
Why it matters: The outcome will decide whether fintech and crypto firms can enter Korea's won stablecoin market or whether banks keep control.
Source: Digital Today