Bank of Korea Stands Firm on Bank-Led Won Stablecoins as Deposit-Token Pilots Advance

Bank of Korea backs bank-led won stablecoin issuance

The Bank of Korea (BOK) told the National Assembly's finance committee that won-denominated stablecoins should be issued through bank-led consortiums. In materials submitted this week, the central bank asked for priority issuance by such consortiums and a statutory policy body to coordinate agencies and manage risk. The BOK framed banks as the safest first issuers for tokens pegged to the Korean won. The position keeps the central bank at odds with firms that want a wider set of non-bank issuers.

Deposit-token pilots expand to subsidies and EV charging

The central bank plans to run deposit-token pilots in the second half of 2026. Deposit tokens represent commercial bank deposits recorded on a blockchain. The BOK plans to test government subsidy payments, electronic vouchers and payments at electric-vehicle (EV) charging sites. Under one case tied to a state EV charging project, funds for selected operators would be delivered as deposit tokens rather than standard transfers. The next round is set to add person-to-person transfers and more participating merchants.

Project Hangang phase two adds two more banks

The pilots sit within Project Hangang, the BOK's tokenised-deposit programme. The second phase expanded participation to nine banks, adding BNK Gyeongnam Bank and iM Bank to the original seven. The Ministry of Economy and Finance has separately announced a pilot using tokenised deposits for government spending. The central bank plans large-scale live transaction testing later in 2026 as the work moves toward wider public use. Officials have framed the deposit-token track and the stablecoin debate as parallel routes to a digital won.

Stablecoin bill stalls over who can issue tokens

South Korea's Digital Asset Basic Act has repeatedly stalled over stablecoin issuer rules. Lawmakers disagree on whether issuers must be banks or operate through bank-led consortiums. In April, the ruling Democratic Party proposed placing stablecoins and real-world assets (RWAs) under existing financial laws. The government had told President Lee Jae-myung in January that it aimed to complete the bill in the first quarter of 2026, a target it has since missed.

Governor centred deposit tokens in April address

BOK Governor Hyun Song Shin took office on 21 April 2026. In his inaugural address, he backed central bank digital currencies (CBDCs) and deposit tokens as central to the country's digital-money strategy. He gave stablecoins a smaller role in his remarks during the wider policy debate. His stance underpins the bank's push for bank-led issuance and its caution on privately run tokens.

Digital-asset market carries about 2.3 trillion dollars

The broader digital-asset market held a total value near $2.3 trillion, up about 2% over the past 24 hours (CoinPaprika, 10 July 2026). Won-denominated stablecoins do not yet trade. South Korea's plan aims to keep local payment flows on regulated, bank-issued tokens rather than dollar-pegged alternatives. The central bank has tied the effort to concerns that foreign, dollar-linked stablecoins could gain ground in domestic payments before local rules take hold.

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