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South Korea central bank flags moral hazard in non-bank stablecoin models

By Jenny Lee ( November 13, 2025, 04:44 GMT | Insight) -- A central banker from South Korea expressed concern about allowing non-bank institutions to issue stablecoins, saying this could effectively extend central bank balance sheet support to entities outside its regulatory control and invite moral hazard. Speaking on a panel in Singapore, Bank of Korea Governor Rhee Chang-yong said he favors stablecoins issued by banks or bank consortiums working with non-bank financial institutions, a structure that allows regulators to know-your-customer and capital-flow controls on supervised institutions.A central banker from South Korea expressed concern about allowing non-bank institutions to issue stablecoins, saying this could effectively extend central bank balance sheet support to entities outside its regulatory control and invite moral hazard....

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