The Bank of Korea plans to issue deposit based tokens on public blockchain networks

Golden Finance reported that according to News1, the Bank of Korea (BOK) is exploring the integration of central bank deposit tokens with public blockchain networks. Lee Jong ryeol, Deputy Governor of the Bank of Korea, outlined the bank's vision at the "Blockchain Leaders Club" event on Tuesday. Lee stated that this type of deposit based token supported by the state is a "stablecoin" that will be issued within the framework of central bank digital currencies. Data shows that in the first quarter of 2025, stablecoins accounted for 47% of South Korea's cryptocurrency outflows, with USDT and USDC anchored in the US dollar accounting for 26.87 trillion Korean won (approximately 19.1 billion US dollars). It is worth noting that South Korean opposition leader Lee Jae myung previously proposed issuing a stablecoin supported by the Korean won to reduce dependence on foreign private stablecoins and curb cryptocurrency outflows of up to 56.8 trillion Korean won.