South Korean leader proposes bank-led stablecoin issuance model

According to Jinse Finance, Kim Byung-kee, the floor leader of South Korea's ruling Democratic Party, proposed that stablecoins should be issued by bank-led consortia, which may include cryptocurrency exchanges and other financial institutions. He believes that this model can reduce the risks associated with financial products issued solely by exchanges. This move highlights the necessity of establishing a more robust regulatory framework for stablecoin issuance in the rapidly developing cryptocurrency sector.