Bank of Korea Says Private Companies Should Run Stablecoin Businesses

Bank of Korea Gov. Hyun Song Shin said Oct. 12 that private companies should operate stablecoin-related businesses and that the central bank would comment on maintaining order in the broader monetary ecosystem.

Shin made the remarks during a parliamentary audit meeting. He said the Bank of Korea would not directly participate in stablecoin-related businesses but would comment on maintaining order across the monetary ecosystem.

Shin also distinguished Project Hangang from privately issued stablecoins. The project uses institutional central bank digital currency (CBDC) and bank deposit tokens to tokenize the existing two-tier monetary system.

The Bank of Korea has not studied a retail CBDC for public use since 2023, Shin said.