Lee Jae-myung Elected as South Korea's President

According to Odaily, Lee Jae-myung, the candidate from the Democratic Party of Korea, has been elected as the President of South Korea, as reported by South Korean broadcaster JTBC late on the 3rd. Lee had previously proposed the introduction of a stablecoin pegged to the Korean won during policy discussions. This initiative aims to curb capital outflow and strengthen the country's financial sovereignty. Currently, South Korean laws prohibit the issuance of domestic stablecoins, leading local exchanges to primarily rely on dollar-pegged stablecoins.