[Helena Oh] KRW Stablecoins: Not who issues, but who makes them work

Debate surrounding Korean won-denominated stablecoins is accelerating. Opinions diverge on whether issuance should be confined to banks or extended to qualified nonbank entities. It is an important discussion. But it may also be the wrong starting point. The more fundamental question is this: Can KRW stablecoins actually work in real-world payments and commerce? Stablecoins should be understood not as digital assets, but as payment infrastructure.