South Korea plans to have banks lead the issuance of won-denominated stablecoins, with trading and payment platforms set to compete for the deposit and settlement markets.

November 12 - The draft of South Korea's "Digital Asset Basic Act," expected to be announced this month, will propose that bank-led consortiums be responsible for issuing won-denominated stablecoins. However, even if banks are responsible for issuance, exchanges and third-party payment platforms may still handle the circulation link connecting consumers and merchants, with user entry points and application scenarios becoming key to competition.

It is reported that the business integration of Upbit operator Dunamu and Naver Financial may become an important variable. If related services are approved for integration, Dunamu could generate revenue through stablecoin transactions, while Naver Financial is expected to collect fees through merchant payments and settlements. South Korean financial regulatory officials pointed out that if stablecoins are used for electronic payments, related businesses may need to comply with the Electronic Financial Transactions Act, and clarify obligations such as protection of deposited funds and settlement funds, management of transaction information, and dispute resolution.