South Korean Presidential Frontrunner Proposes Won-Backed Stablecoin to Bolster Digital Finance

South Korea’s leading presidential candidate, Lee Jae-myung, has unveiled plans to introduce a won-backed stablecoin as part of a broader strategy to integrate digital assets into the nation’s economic framework. The proposal aims to curb capital flight and position cryptocurrency as a catalyst for growth.

Lee, representing the Democratic Party of Korea, framed the initiative as a defensive measure against wealth leakage. "We need to establish a won-backed stablecoin market to prevent national wealth from leaking overseas," he stated during a policy discussion. The MOVE signals growing political recognition of digital assets’ role in modern finance.

The stablecoin proposal emerges amid heightened global competition in central bank digital currencies and sovereign-backed crypto assets. South Korea’s approach notably focuses on leveraging existing private sector innovation rather than creating a CBDC.