South Korean Presidential Candidate Lee Jae-myung Proposes Issuing a Stablecoin Pegged to the Korean Won

According to a report by Cointelegraph, Lee Jae-myung, the leader of South Korea's Democratic Party, has proposed the creation of a stablecoin pegged to the Korean won to prevent capital outflow and strengthen national financial sovereignty. Data shows that in the first quarter of this year, the outflow of assets from South Korean cryptocurrency exchanges reached 56.8 trillion won (approximately 40.8 billion USD), with nearly half related to foreign stablecoins. Currently, South Korean law prohibits the issuance of domestic stablecoins, and local exchanges can only rely on dollar-based stablecoins. Lee Jae-myung stated that there is a need to establish a won-backed stablecoin market to prevent national wealth from flowing overseas. Additionally, he proposed allowing the national pension and other institutions to invest in cryptocurrencies and plans to establish a comprehensive monitoring system to reduce transaction costs under government regulation, making cryptocurrencies more accessible.