Lost in Translation – A Look at Who Is Really Building a Korean Stablecoin

• South Korea’s ruling party has denied reports it is creating a state-backed stablecoin
• A private consortium of eight major banks is actively developing its own won-pegged stablecoin
• The Bank of Korea has urged a cautious, bank-led approach, citing financial stability risks

Recent reports claiming that South Korea’s government is preparing a state-backed Korean won stablecoin have been dismissed as “groundless” by a spokesperson from the ruling Democratic Party of Korea (DPK). 

The statement pushes back against a wave of media speculation that government bodies were collaborating on a national stablecoin, clarifying that the real momentum is coming from the private sector.

What Caused the Confusion?

The confusion stems from remarks made by Jin Sung-joon, DPK’s chief policymaker, during a press briefing. Jin reportedly co…

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