Ji Man-soo, Senior Research Fellow at the Korea Financial Research Institute, emphasized that discussions on a Korean won stablecoin should prioritize identifying concrete use cases over selecting issuing entities. Drawing parallels with Hong Kong's approach, where the HKMA has licensed stablecoin issuances for cross-border payments and tokenized asset trading, Ji highlighted the importance of aligning stablecoin applications with broader digital finance strategies, including CBDCs and tokenized deposits. Ji suggested that Korea should first address which domestic financial and payment system issues the stablecoin could resolve. He stressed the need for designing specific applications in payments, asset tokenization, and trade finance to ensure a robust regulatory framework.