Director Cho Jae-woo: "The private sector should lead the issuance of KRW stablecoins"

Son Min

概要

Director Cho Jae-woo of Hansung University Blockchain Research Institute stressed that the issuance of KRW-based stablecoins should be led by the private sector.
Director Cho pointed out that the traditional financial sector will not be able to keep up with the pace of stablecoin development.
Bank of Korea Governor Lee Chang-yong highlighted the need for bank-centered management and oversight of KRW-based stablecoins.

There has been a claim that the private sector should lead the issuance of KRW-based stablecoins.

On the 10th (local time), Hansung University Blockchain Research Institute director Cho Jae-woo stated via X (formerly Twitter), "Some argue that the issuance of (KRW-based) stablecoins should be led by banks," but also commented, "At this stage, a private-sector-led issuance of stablecoins is the right approach."

He particularly pointed out that the traditional financial sector will not be able to keep up with the speed of stablecoin development. Director Cho remarked, "Stablecoins are a continuously and rapidly growing field," and "Integration with Bitcoin (BTC), real world assets (RWA), and other assets is also being achieved." He continued, "I have never heard discussions about such changes in the traditional financial sector," and emphasized, "Bureaucratic organizations will not be able to keep up with the trend."

Meanwhile, earlier, Governor Lee Chang-yong of the Bank of Korea stated, "We need to consider whether to allow KRW-based stablecoins in non-bank sectors," highlighting the need for bank-centered management and oversight of KRW-based stablecoins.