South Korea’s ruling party has denied reports it is creating a state-backed stablecoin A private consortium of eight major banks is actively developing its own won-pegged stablecoin The Bank of Korea has urged a cautious, bank-led approach, citing financial stability risks Recent reports claiming that South Korea’s government is preparing a state-backed Korean won stablecoin have been dismissed as “groundless” by a spokesperson from the ruling Democratic Party of Korea (DPK). The statement pushes back against a wave of media speculation that government bodies were collaborating on a national stablecoin, clarifying that the real momentum is coming from the private sector. South Korea's ruling party refutes reports of government-backed stablecoin bill A spokesperson from South Korea’s ruling Democratic Party of Korea (DPK) told CoinNess that recent reports claiming the Ministry of Economy and Finance and the Bank of Korea are preparing legislation… — CoinNess Global (@CoinnessGL) June 26, 2025 What Caused the Confusion? The confusion stems from remarks made by Jin Sung-joon, DPK’s chief policymaker, during a press briefing. Jin reportedly co… The post South Korea’s Ruling Party Denies State-Backed Stablecoin Plans appeared first on Coin Edition .
