South Korea Pushes Final Plans for Bank-Led Stablecoin Framework as Dec. 10 Deadline Looms

South Korea’s ruling Democratic Party has delivered a firm ultimatum to national financial regulators, demanding rapid progress on the country’s long-discussed stablecoin framework. Officials have instructed the Financial Services Commission (FSC) to present its finalized proposal by Dec. 10, framing the demand as the government’s last chance to act before lawmakers take over the process themselves.

According to Maeil Economic News, the party made it clear that if regulators fail to meet the deadline, they will push forward with a legislator-driven bill directly from the National Assembly’s Financial Services Committee. The ruling party aims to introduce the bill during the current parliamentary session and secure its passage in January.

Behind closed doors on Monday, party representatives and the FSC held extensive talks on how a domestic stablecoin ecosystem should be structured. One increasingly favored option involves a joint consortium composed of the Bank of Korea, the FSC, and licensed banks. Early discussions include a requirement that banks hold more than 50% ownership in the issuing consortium. However, the FSC emphasized afterward that no formal agreement has been finalized.

Momentum around a Korean-won stablecoin has intensified since President Lee Jae Myung made the creation of a locally issued, fully compliant stablecoin market a core policy priority. His administration views a regulated domestic stablecoin as essential for protecting monetary sovereignty at a time when U.S. dollar-backed tokens dominate global markets.

Multiple lawmakers have already introduced foundational proposals for the sector, but legislative progress has been sluggish. The emerging bank-controlled model reflects the Bank of Korea’s long-standing stance: stablecoin issuance should remain exclusively within the regulated banking system.

With the Dec. 10 deadline now in place, South Korea’s push for a national stablecoin standard is entering its most decisive phase yet.