South Korean President Lee Jae-myung has nominated Shin Hung-song, a senior official from the Bank for International Settlements (BIS), as the new Governor of the Bank of Korea (BOK). Shin, who served as Director of the Monetary and Economic Department at BIS, has been vocal about the potential risks associated with Korean won stablecoins, citing concerns over their use in bypassing foreign exchange controls and facilitating capital outflows. Shin's nomination comes amid ongoing discussions about the role of stablecoins in financial stability and monetary sovereignty. A BIS report last year highlighted the regulatory challenges posed by stablecoins, warning of their inability to function as stable money. Following his nomination, Shin has resigned from his BIS position, and observers are keen to see if his views on stablecoins will evolve as he takes on his new role at the BOK.