The Korean government is advocating for a won-pegged stablecoin, with eight major banks collaborating on a project set to launch by early 2026.
The South Korean government, led by President Lee Jae-myung, is promoting a won-pegged stablecoin to boost digital finance competitiveness. Eight major banks are preparing a joint stablecoin project, while tech firms also aim to compete. The Bank of Korea is developing a regulatory framework, with significant growth expected in the stablecoin market from late 2025 to early 2026.