South Korea's central bank has issued a warning about the potential depegging risks associated with won-denominated stablecoins. The Bank of Korea (BOK) emphasized the importance of traditional banks taking a leading role in the issuance of these stablecoins to mitigate risks. The BOK referenced past incidents such as the Terra/Luna collapse and the decline of USDC during the Silicon Valley Bank crisis as examples of the vulnerabilities in the stablecoin market. The central bank's report calls for enhanced inter-agency coordination to address these risks and highlights Project Hangang, a pilot initiative aimed at developing bank-issued digital deposit tokens. This project is part of a broader effort to ensure stability and trust in the digital currency ecosystem by leveraging the established infrastructure and regulatory frameworks of traditional banking institutions.