South Korea reportedly halts digital won project as focus shifts to stablecoins

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* The Bank of Korea (BOK) has reportedly temporarily paused the second phase of its central bank digital currency (CBDC) pilot, amid rising interest in won-based stablecoins from both the National Assembly and the private sector.
* As reported by _Bloomberg_, the Bank of Korea told the participating banks that it has decided to pause talks on the initiative for now.
* The central bank initially planned to launch the second phase in the fourth quarter of 2025, but as the momentum around the legal framework for privately issued won-based stablecoins increases and the debate over their potential coexistence with CBDC continues, the BOK opted to pause further testing to minimize policy uncertainty, reports said.
* Following the decision, banks are expected to increase their focus on stablecoin development.

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