A privately led won stablecoin is essential to Korea's digital economy future, Circle's CEO says

South Korea needs a privately led won stablecoin to remain competitive in the future digital economy, Jeremy Allaire, CEO of Circle, has said. Without an on-chain version of the won driven by private innovation, Korea risks being excluded from the global shift toward programmable money. Allaire argued that frictionless value transfers and software automation—core benefits of blockchain-based currency—require a model where banks and tech firms lead development under government oversight, not state-controlled issuance. This approach, he said, aligns with global trends. But South Korea’s current regulatory direction favors the opposite. Financial authorities are advancing a consortium model where banks hold a controlling stake—more than 50% plus one share—in any stablecoin issuance, with fintechs playing a secondary role. Bank of Korea governor nominee Shin Hyun-song reinforced this stance, calling bank-led issuance the best alternative for risk management. Given this framework, Allaire said Circle cannot directly issue a won stablecoin today. The company has no plans to launch one under the present rules. Instead, Circle will establish a local entity and formally enter the Korean market once the regulatory environment becomes clear.