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Blockchain gaming company Wemade is pushing for a Korean won-based stablecoin ecosystem, forming a Global Alliance for KRW Stablecoins (GAKS) with Chainalysis, CertiK and SentBe as founding partners. Wemade announced that the alliance will support StableNet, a dedicated mainnet for Korean won-backed…
The Bank of Korea’s (BOK) push for the banking sector to lead the rollout of won-denominated stablecoins lacks logic, says Dr. Sangmin Seo, the chair of the Kaia DLT Foundation.In a report released on Monday, the central bank argued that banks are already subject to strict regulations, including cap…
Lee Chang-yong, the governor of South Korea's central bank, expressed concerns about the country's early-stage explorations of Korean won-pegged stablecoins, saying they could induce more demand for the U.S. dollar."Issuing won stablecoins may not reduce the use of dollar stablecoins, but rather fac…