ЮКЦБ призывает банки взять на себя ответственность за стабильность стейблкоинов South Korean Central Bank Calls on Banks to Take Responsibility for Stablecoin Stability

The Bank of Korea (BoK) has released a report expressing concerns regarding the risks associated with the depegging of stablecoins denominated in won.

The central bank noted that private issuers lack the institutional trust necessary to maintain the stability of these coins. As a result, the regulator is urging traditional banks to take the initiative.

BoK draws parallels between the identified risks and historical failures in currency exchanges dating back to the free banking era in mid-19th century America. The primary concern revolves around the depegging of «stablecoins,» whereby their value deviates from the underlying asset.

The report references the collapse of the Terra ecosystem. Central bank representatives pointed out that the algorithmic stablecoin of the project «collapsed in just a few days, resulting in countless investors losing their assets overnight.»

According to BoK’s observations, even leading coins like USDC from Circle can experience depegging. During the American banking crisis of 2023, the coin dropped below $0.90.

Concerns about non-dollar stablecoins with limited circulation are «particularly serious,» the central bank emphasized.

BoK stated that it «does not intend to stifle innovation,» despite these warnings, but aims to ensure investor safety.

«When discussing stablecoins denominated in won that aspire to serve as new currency, the first question should not be ‘Is the technology feasible?’ but rather ‘Is trust possible?'» the report states.

The regulator believes that private issuers should possess a high level of «transparency» and establish institutional mechanisms to compensate for losses in the event of a depegging.

As a reminder, in April 2025, BoK announced its intention to «actively participate» in the development of legislation regulating stablecoins.