Han Ji-hoon - The Bank of Korea (hereinafter referred to as "Korean Bank") has urged the National Assembly to strengthen supervision of US dollar stablecoins, citing that their mass adoption is threatening South Korea's monetary sovereignty. It is worth noting that the call comes as representatives of Circle, the main US dollar stablecoin issuer, are about to hold a series of talks with senior officials of Korean commercial banks.
"There is an urgent need for the government and Congress to amend relevant laws such as the Foreign Exchange Transactions Act," Bank of Korea stressed. In particular, Bank of Korea is concerned that the popularity of US dollar stablecoins could trigger a phenomenon of "currency substitution", which could negatively affect the effectiveness of monetary policy and monetary sovereignty.
In addition, Bank of Korea assessed: "US dollar outflows through stablecoins could also exacerbate instability in the foreign exchange market."
On the eve of the Circle representative's visit to South Korea, the Bank of Korea issued a call to the National Assembly for "urgent supervision of dollar stablecoins"
2025-08-20 02:51:09
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