[South Korea's Stablecoin Business May Be Restructured Around a Banking Alliance] South Korean banks are closely monitoring Hong Kong's stablecoin regulatory cases, believing that strict regulatory frameworks provide valuable references for policy-making. During the National Assembly's state audit meeting, the South Korean Financial Services Commission and the Bank of Korea jointly stated that the issuer of a Korean won stablecoin should take the form of a banking industry-centered alliance. Kwon Dae-young, Vice Chairman of the Financial Services Commission, expressed agreement with this view, and the Bank of Korea emphasized its support for this principle in its report, considering the issuance of stablecoins through a banking alliance to be more appropriate.