According to ChainCatcher, the Korea Economic Daily reported that the Ministry of Economy and Finance of South Korea is considering ensuring the integrity of cross-border transactions involving virtual assets such as stablecoins.

The department pointed out that stablecoins are mainly used for transactions within the cryptocurrency ecosystem and are likely to be expanded to cross-border payments and transaction methods in the real economy.

A government official said that the regulatory work will start with the construction of a stablecoin issuance system pegged to the Korean won. The system will first establish a legal framework for stablecoins pegged to the Korean won and gradually expand to stablecoins pegged to foreign currencies.