South Korea’s Ministry of Economy and Finance announced that it is considering taking measures to ensure the integrity of cross-border transactions involving virtual assets such as stablecoins, according to PANews. The ministry explained that stablecoins are mainly used for transactions within the cryptocurrency ecosystem and emphasized that they have the potential to expand into the real economy as a cross-border payment and transaction method.

A government official said that the regulatory work on stablecoins 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 on this basis, gradually expand it to stablecoins pegged to foreign currencies.