South Korean regulator considers allowing tech giant to issue its own stablecoin

South Korean regulators are considering allowing tech giants to issue their own stablecoins. The Financial Services Commission (FSC) is seriously considering a proposal that would allow companies outside the financial sector to issue stablecoins, according to unnamed industry sources.
Some in the industry are concerned, arguing that allowing large, technologically advanced fintech companies to enter the stablecoin market could undermine banks' competitiveness and lead to an IT-driven "competition" between banks and tech giants. President Lee Jae-myung promised to "open" the South Korean stablecoin market to domestic players before his election in June, but his efforts to deliver on his promise have so far been blocked by South Korean banks, which oppose non-financial companies having the right to issue them.