Bank of Korea backs bank-led stablecoins as deposit token pilots progress

The Bank of Korea (BOK) has reaffirmed that won-denominated stablecoins should be issued through bank-led consortiums, with the central bank urging additional safeguards as lawmakers continue to debate South Korea’s digital asset framework. In materials submitted to the National Assembly’s finance committee on Thursday, the BOK pushed for a structure that keeps issuance centered on banks rather than broader non-bank participation.

Local reporting from Digital Asset and EDaily said the BOK emphasized measures such as priority issuance via bank-led consortiums and the creation of a statutory policy body involving relevant government agencies.

Key takeaways

• The BOK repeated its preference for won stablecoin issuance to be bank-led, using consortium structures as a core safeguard.
• The stance is expected to keep pressure on the Digital Asset Basic Act, where disagreements about who can issue stablecoins have already caused delays.
• BOK also signaled continued work on deposit-token use cases in the second half of the year, including government and everyday payment scenarios.
• South Korea’s stablecoin policy debate remains unsettled, with the bill’s timeline having slipped amid broader political and regional disruption.

Why the bank-led push matters for South Korea’s stablecoin rules

The BOK’s latest comments build on a months-long effort to keep won stablecoin issuance within bank-centered mechanisms. Earlier coverage noted that the central bank has been pressing for a framework in which banks retain dominant ownership or control over stablecoin issuers. That position has already split policymakers and industry groups, and it has contributed to stalling progress on South Korea’s Digital Asset Basic Act.

At the heart of the dispute is a question investors and market participants are watching closely: whether stablecoins will be treated as extensions of regulated banking activity—or as a more open category of financial infrastructure that could involve a wider set of firms. A bank-led consortium approach can tighten oversight, but it may also limit participation and slow down the pace at which new issuers and business models enter the market.

Deposit tokens return to the spotlight

Beyond stablecoins, the BOK also said it plans to keep developing deposit-token use cases in the second half of the year. According to local reporting, those efforts include support for government subsidy payments, vouchers, electric vehicle charging infrastructure, and further real-world transactions aimed at the general public.

Deposit tokens are digital tokens that represent commercial bank deposits. The BOK’s focus on them aligns with a broader direction seen in recent months: using tokenized deposits as a controlled pathway for tokenized payments, while maintaining that core infrastructure rests with regulated banks.

In April, BOK Governor Hyun-Song Shin publicly backed deposit tokens and central bank digital currencies (CBDCs) in his first address, and South Korea’s Ministry of Economy and Finance announced a pilot related to the use of tokenized deposits for government operational spending. By tying next-step development to concrete payment and voucher scenarios, the BOK is effectively linking its stablecoin governance position with a practical, near-term tokenization roadmap that can be tested in the real economy.

The Digital Asset Basic Act: unresolved issuance questions keep delaying progress

The BOK’s reaffirmation comes as lawmakers continue wrestling with how stablecoins, tokenized real-world assets (RWAs), and other digital assets should fit into South Korea’s financial rulebook. Earlier disagreements over stablecoin issuance—especially the question of who should be allowed to issue them—have kept the bill debate active rather than moving toward consolidation.

Cointelegraph has previously reported that the bill has repeatedly stalled over questions about whether stablecoins should be bank-led and, relatedly, about the ownership structure of stablecoin issuers. Local reporting indicates the central bank continues to argue for an approach where banks keep the majority position in stablecoin issuance structures.

Meanwhile, lawmakers have continued considering how to place these assets into existing legal categories. In April, South Korea’s ruling Democratic Party proposed bringing stablecoins and RWAs under existing financial laws, but the central issue of bank-led issuance remained unresolved—suggesting that classification alone may not settle the governance model.

One reason the process has been particularly difficult is that policy decisions on stablecoins now intersect with broader digital asset priorities: tokenized RWAs, deposit-token pilots, and the overall question of how far tokenization should extend across regulated financial services.

Timeline pressure and political headwinds

In January, the government told President Lee Jae-myung it aimed to meet a legislative target by the first quarter of 2026. That timeline has since slipped, and the reasons cited in local reporting include the US-Israeli war with Iran beginning in late February, domestic election cycles, and delays linked to reorganization of the Assembly’s committee structure.

These disruptions matter because they affect how quickly competing approaches—bank-led models favored by the BOK versus broader industry participation—can be reconciled into a single bill text. The longer the stalemate persists, the more uncertainty market participants face regarding licensing, issuer ownership rules, and compliance expectations for any future won stablecoin issuance.

For readers tracking South Korea’s digital asset transition, the BOK’s behavior provides a clear signal: even as negotiations continue, the central bank appears unwilling to move away from bank-led safeguards. At the same time, its continued emphasis on deposit-token pilots suggests the BOK sees tokenized banking deposits as a more immediately actionable and controllable stepping stone.

Going forward, investors and builders should watch whether the National Assembly’s committee deliberations converge on the BOK’s bank-led issuance model—or whether lawmakers carve out room for alternative issuer structures. Equally important will be how the promised second-half work on deposit-token use cases progresses, since real-world pilots can shape what regulators ultimately tolerate in the stablecoin ecosystem.