South Korea is advancing plans for a won-denominated stablecoin as the Financial Services Commission (FSC) drafts a regulatory framework. The proposal will set rules for issuance, collateral, and controls, marking South Korea's first unified approach to stablecoins.

Political and industry momentum has been growing under pro-crypto President Lee Jae-myung. Surveys show strong public interest, while USD-backed stablecoins dominate local trading and remittances.

Eight major banks are collaborating on a joint won-based token, seeking regulatory approval to maintain competitiveness and reduce reliance on foreign-issued coins.

The private sector has already launched South Korea's first won-pegged stablecoin. On 5 August, entertainment platform fanC and software firm Initech unveiled KRWIN, pegged 1:1 to the Korean won.

The pilot tests transferability and real-world use in payments, remittances, and tourism, with plans for a broader rollout hinted at by a trademark application.

Regional interest in stablecoins is rising across Asia, with Japan and Hong Kong also exploring initiatives. Dollar-backed stablecoins like USDT and USDC still dominate, keeping competition and adoption timelines uncertain despite won-pegged token launches.