South Korea Considers Expanding Stablecoin Issuance Beyond Banks

South Korea's ruling Democratic Party and the Financial Services Commission have reached a preliminary agreement to expand the entities eligible to issue stablecoins beyond traditional bank-centered models. According to NS3.AI, the initial proposal, which mandated banks to hold over a 50% controlling stake in any stablecoin consortium, encountered resistance from both the party and the domestic cryptocurrency industry. The compromise is still under discussion, with further negotiations anticipated between the government and the ruling party.