As South Korea’s basic digital asset law remains stalled, People Power Party lawmaker Kim Sang-hoon proposed a two-track strategy for won-denominated stablecoins. Banks would lead initial issuance under a 50%+1 rule requiring majority stake to prioritize stability and regulatory compliance, before fintech firms join later for distribution and innovation. This phased approach aims to prevent volatility from unbacked cryptocurrencies while fostering ecosystem growth. Amid fragmented oversight by the Financial Services Commission, the proposal offers a bank-centered pathway that could enhance payment efficiency and support South Korea’s digital finance ambitions. However, it raises questions about fintech participation and potential slower adoption due to banks’ risk aversion. Experts suggest a parallel system might better balance stability with innovation.