The ruling Democratic Party in South Korea is putting strong pressure on the financial authorities to quickly implement regulations for domestic stablecoin management, aiming for a model of stablecoins issued by banks.

🔸 According to Maeil Business News, the Democratic Party has issued an "ultimatum" to the Financial Services Commission (FSC), demanding the presentation of a stablecoin law proposal before December 10.

🔸 Lawmaker Kang Jun-hyeon stated that if the government does not propose on time, he will submit a bill initiated by a lawmaker to address it.

🔸 The ruling party wants to present the bill in the current session and pass it in January 2026.

🔸 In a closed meeting with the FSC, the parties discussed the banking model – FSC – Bank of Korea (BoK) in establishing a stablecoin issuance alliance.

🔸 A proposal under discussion: banks must hold over 50% of the shares in the stablecoin issuance alliance.

🔸 However, the FSC stated that no final agreement has been reached.

🔸 President Lee Jae-myung, elected earlier this year, considers the issuance of stablecoin pegged to KRW a top priority to protect monetary sovereignty against the dominance of USD-pegged stablecoins.

🔸 The bank-led alliance model reflects the view of the Bank of Korea that only regulated banks should have the right to issue stablecoins.