South Korea’s won-backed stablecoin ambition sparks crypto debates in Asia
SEOUL/HONG KONG — South Korea’s new government under President Lee Jae Myung is eager to issue won-backed stablecoins, digital tokens pegged to traditional currencies, hoping to nurture the country’s digital asset market and give it a prominent place globally.
Seoul’s move comes as a part of a broader battle for the crypto technology’s geopolitical influence, following an aggressive push for dollar-pegged coins by the U.S.