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Banks or non-banks? Last-minute tug of war over won stablecoin issuers

As discussions to institutionalise won-denominated stablecoins near the final stage, South Korea is debating how broadly to allow issuers. Authorities are consulting on issuer eligibility, reserve assets and redemption systems under the planned Digital Asset Framework Act. One option would allow issuance by consortia in which banks hold a majority stake. The Bank of Korea supports introducing private won stablecoins but stresses risks to financial markets and monetary policy as scale grows.

Crypto

Singapore monetary authority chief says tokenised payments must be backed by central bank money

Monetary Authority of Singapore managing director Chia Der Jiun said settlements in tokenised financial markets should be backed by central bank money. He said large-scale settlements in tokenised markets require safe and reliable digital currency, adding that central bank money would ultimately underpin monetary stability. MAS is pursuing the use of wholesale central bank digital currency for settlements of tokenised MAS bills. It is also pushing legal revisions on stablecoins.

Crypto

Sweden\'s Riksbank urges legal prep for digital krona amid spread of dollar-pegged stablecoins

Sweden\'s central bank, the Riksbank, has urged parliament to begin legislative preparations for a possible digital krona. It is re-examining the need for a central bank digital currency, citing the European Central Bank’s push for a digital euro and the spread of foreign currency-pegged stablecoins. The bank warned that without a digital version of the krona, Sweden’s payment system could lose competitiveness and krona use could weaken.