South Korea's central bank proposes central bank backing for stablecoins

at a joint event that brought together industry and academia, focusing on the stablecoin issue, the head of the Bank of Korea's digital currency research laboratory expressed his views on stablecoins, suggesting that stablecoins need the support and guarantee of the central bank. Bank of Korea official Yun Sung-guan (phonetic) said: "Stablecoins are not a new type of currency, but a product of tokenizing existing currencies on a distributed ledger." He further added: "To achieve stable operation, central bank support and guarantee are still needed in the end."