South Korean industry participants are urging regulators to include liquidity safeguards in future won stablecoin rules after several foreign stablecoins recorded sharp price deviations on domestic exchanges. JPYC rose to 37.6 won on Upbit on Sept. 17, compared with a reference value near 8.8 won, while PayPal USD reached 1,760 won and Circle’s EURC climbed to 7,860 won on Bithumb against a previous close of 1,513 won. USDG also reached 3,048 won on Bithumb from about 1,358 won. The episodes were linked to shallow exchange liquidity, concentrated orders and limited token supply rather than changes in the assets’ currency backing. Proposed measures include sufficient initial circulating supply, functioning issuance and redemption channels, continuous market-making, deviation disclosures and restrictions on certain market orders during unusual moves. South Korea’s second-stage digital asset legislation is expected to cover stablecoin issuance and circulation, but the Financial Services Commission has not finalized the safeguards or issuer structure. 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 policymakers seeking to advance the framework during 2026.