South Korean Crypto Stablecoin Push Could Backfire, BOK Warns — Here’s Why

South Korea's central bank is sounding the alarm about the risks of launching a won-pegged crypto stablecoin. The Bank of Korea (BOK) worries that instead of strengthening the local currency, it might accidentally drive more people to use US dollar-backed stablecoins like Tether or USDC. Governor Lee Chang-yong flagged potential headaches for monetary policy and foreign exchange control if this plays out.