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South KoreaOn the Asia Digital Asset Policy Center
Banks, fintechs and regulators across Asia are all asking the same question about tokenised money: who may issue it, and on what terms. The answers sit in dozens of rulebooks that rarely talk to each other.
The Policy Center puts them side by side, traced to the source, so the strategy conversation can start from facts rather than headlines.
About
Kang Hee-chang, who goes by Heechang, is a Korean blockchain researcher and one of the co-founders of Four Pillars. Before Four Pillars he worked as a research analyst at the crypto data firm Xangle. At Four Pillars he first led product and research before taking on strategy.
He is Chief Strategy Officer of Four Pillars and a co-founder of the Asia Stablecoin Alliance, which he started in 2025 with Four Pillars' Bok Jin-sol and LayerZero's Alex Lim. He co-writes the alliance's weekly ASA News digest on stablecoin and tokenisation policy across Asia and leads its Asia Stablecoin Conference.
His policy work centres on how Korea should issue and use tokenised money. At a May 2025 seminar on a won stablecoin he compared bank-led and capital-markets-led issuer models and urged Korea to draw on Hong Kong's and the US's frameworks. In August 2026 he wrote Four Pillars' report on Korean banks' tokenised money strategy, which proposes that banks prepare three tracks at once: deposit tokens through the Bank of Korea's Project Hangang, their own won stablecoins once legislation passes, and services linked to third-party stablecoins.
Policy engagement
Wrote Four Pillars' report on Korean banks' tokenised money strategy: deposit tokens via Project Hangang, a bank-issued won stablecoin and services for third-party stablecoins. Speaks on blockchain as financial infrastructure.
Key actions
Announced the 2026 Asia Stablecoin Conference, saying Asian markets differ in regulation, infrastructure and demand and need country-by-country approaches.
SourceCo-wrote ASA News #31 on Singapore's push to use tokenised deposits for cross-border payments.
SourceWrote Four Pillars' report on Korean banks' tokenised money strategy, covering deposit tokens, bank-issued won stablecoins and third-party stablecoin services.
SourceGave the opening address at the first Asia Stablecoin Conference in Seoul as co-founder of the Asia Stablecoin Alliance.
SourcePresented on won stablecoin issuance models at a seminar co-hosted by Hashed Open Research and Four Pillars, recommending a capital-markets model informed by Hong Kong and US rules.
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