South Korean industry participants are calling for liquidity safeguards in future won stablecoin rules after thin trading caused several foreign stablecoins to deviate sharply from their reference currencies on domestic exchanges. JPYC (a yen-linked stablecoin) rose to 37.6 won after its Upbit debut on Sept. 17, versus a reference value of 8.81 won, before returning toward the 8-won range the following day. PYUSD reached 1,760 won on Upbit before falling toward 1,360 won, while EURC climbed to 7,860 won on Bithumb from a previous close of 1,513 won, an increase of more than 400%. USDG also reached 3,048 won against a previous close near 1,358 won. Participants cited by News1 want rules covering initial circulating supply, issuance and redemption channels, market makers, liquidity providers and controls for unusual trading. The proposals distinguish exchange liquidity from issuer reserves, which support redemption at a designated value but do not by themselves determine secondary-market prices. South Korea’s Financial Services Commission (FSC) has not finalized such safeguards. The Digital Asset Framework Act is expected to reach a National Assembly bill review subcommittee in November, with 10 digital asset and stablecoin proposals pending and regulators aiming to advance the second-stage framework during 2026. A separate unresolved issue is whether won-denominated stablecoins should be issued through bank-led structures favored by the Bank of Korea, while the FSC says key provisions remain under discussion.