Who Controls the Won Stablecoin Will Depend on Who Can Verify You

Who runs a won stablecoin will depend not on balance sheets, but on who can verify identity. Shin Hyun-song, nominee for Bank of Korea governor, said the operator of a won-denominated stablecoin should be chosen based on know-your-customer (KYC) capabilities—not whether it is a bank. Banks, he acknowledged, currently dominate in KYC infrastructure, which explains their expected leading role. But that dominance does not translate into an exclusive right. Fintech companies could also operate stablecoins if they organize into a consortium capable of meeting verification and compliance standards. The model would preserve private-sector innovation while ensuring regulatory rigor. Shin emphasized that stablecoins and deposit tokens built on a central bank digital currency (CBDC) are not interchangeable; they serve different functions and must be designed accordingly. They could coexist, not compete. Any framework for stablecoins must also account for foreign-exchange transaction regulations, a constraint unique to national currency stability. The consequence is a shift in authority: control over digital won infrastructure will flow to whoever can reliably authenticate users, not whoever holds the most deposits. A regulatory framework for won stablecoins will prioritize functional capacity over institutional identity, opening the door to non-bank operators with robust KYC systems.