South Korea's central bank has sounded the alarm on won-denominated stablecoins, warning private issuers lack the institutional trust required to maintain stable currency and urging traditional banks to take the lead instead. The Bank of Korea (BOK) released a report Monday outlining major risks associated with won-pegged stablecoins, comparing them to historical currency failures from America's mid-19th-century free-banking era to Korea's own Dangbaekjeon crisis under King Gojong. "Currency operates not ...