South Korea Maintains Ban on US Dollar Stablecoins for Domestic Firms

South Korea's Financial Services Commission is set to revise its regulations while maintaining a ban on domestic companies using US dollar stablecoins like USDT and USD Coin. According to NS3.AI, this decision will restrict firms from holding USDT treasuries or utilizing dollar stablecoins for cross-border transactions, despite lobbying efforts from listed exporters. Previously, lawmakers had drafted a bill to permit corporate stablecoin payments, but it remains stalled in committee as the regulator progresses with its own guidelines.