With the launch of President Lee Jae-myung’s campaign pledge to issue a Korean won-based stablecoin gaining traction, financial institutions, large corporations, and fintech companies are rapidly forming consortiums to enter the market. However, experts warn that a centralized fintech structure could undermine global competitiveness, and emphasize the need for a technology-driven decentralized ecosystem.

Attorney Ohoon Kwon, managing partner at Cha & Kwon Law Offices , recently commented on the issuance of the won-based stablecoin, stating, “If the selection criteria for issuers are based primarily on deposit reserves, there is a risk that capital-rich but technologically underqualified companies may be chosen.” He added, “A structure that combines open bidding with technical evaluations is preferable in terms of fairness and efficiency.”

Kwon further emphasized, “To ensure the transparency and validity of the system, it is essential to establish clear technical standards, conduct fair public reviews, and form an evaluation committee that includes legal and technical experts.”

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