Bank of Korea (BOK) informed the National Assembly’s finance committee that won‑denominated stablecoins must be launched through bank‑led consortiums, marking a decisive regulatory move.
Regulatory Direction
The central bank’s submission this week urges priority issuance by these consortiums and calls for a statutory policy body to coordinate agencies while managing systemic risk. By positioning banks as the safest first issuers for tokens pegged to the Korean won, BOK seeks to protect investors from volatility that could affect stablecoin price stability. This stance creates friction with firms advocating broader participation from non‑bank issuers.
Deposit‑Token Pilot Programme
BOK plans to execute deposit‑token pilots in the latter half of 2026, where commercial bank deposits are recorded on a blockchain. The trials will encompass government subsidy payments, electronic vouchers, and transactions at electric‑vehicle (EV) charging stations, aiming to streamline the crypto market’s interaction with public services. A subsequent phase will introduce person‑to‑person transfers and expand the network of participating merchants.
Project Hangang Phase Two Expansion
Within the Project Hangang tokenised‑deposit initiative, the second phase broadened involvement to nine banks by adding BNK Gyeongnam Bank and iM Bank to the original seven. This expansion reinforces the central bank’s strategy to anchor blockchain‑based deposit tokens within established financial institutions. Investors will monitor how this enlarged consortium influences market confidence and the adoption of crypto‑linked financial products.