South Korea faces a difficult choice: is it worth launching its digital won or staying away while the stablecoin market is developing with renewed vigor every day, conquering the world? According to the head of the Central Bank of Korea, Ri Chang Yong, it is quite realistic to create a stablecoin linked to won. However, this is not as easy a task as it seems. There are issues that need to be addressed first, especially in terms of managing foreign exchange reserves.

He believes that such a stablecoin will facilitate the exchange for dollar analogues, but at the same time it will increase interest in them. But this may already have a negative impact on the stability of the national currency.

While discussions are underway in the country about the possibility of launching its own stablecoin, the authorities are actively working to create a legal framework for digital assets. In particular, on June 10, the ruling Democratic Party submitted the "Framework Law on Digital Assets" for consideration.

This document is intended to provide more clarity on the regulation of the cryptocurrency market. According to the bill, companies planning to issue stablecoins will have to have an equity capital of at least 368 thousand US dollars, ensure one hundred percent redundancy of issued tokens and obtain prior approval from the Financial Services Commission.

It is worth noting that these legislative initiatives fully comply with the election promises of the current president Lee Jae-myung. Even during the election campaign, he promised to make the regulation of the crypto market more understandable and reduce costs for ordinary users.

At the same time, the global stablecoin market continues to evolve. Dollar-denominated stablecoins are still in the lead here, especially Tether's USDT and Circle's USDC.

It turns out that while South Korea is thinking about the pros and cons of a national stablecoin, the global crypto industry is not standing still. Seoul's decision could both open up new prospects for the local market and create new difficulties for the country's financial stability.