According to Gate News bot, the Korea Herald reported that South Korean presidential candidate Lee Jae-myung proposed the establishment of a stablecoin market denominated in Korean won.
Lee Jae-myung pointed out that local stablecoins help reduce dependence on foreign currencies, stabilize the financial system, and retain economic value domestically. Currently, South Korea only allows the trading of USDT, USDC, and other dollar stablecoins, and has not yet opened the issuance of the Korean won stablecoin.
Data shows that in the first quarter of 2024, South Korean cryptocurrency exchanges recorded an outflow of 568 trillion won (approximately 40.8 billion USD), with about 50% related to transactions involving dollar stablecoins.
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