We study the stability of persistent currents in a coherently coupled quasi-2D Bose-Einstein condensate confined in a ring trap at T=0. By numerically solving Gross-Pitaevskii equations and by analyzing the excitation spectrum obtained from diagonalization of the Bogoliubov-de Gennes matrix, we describe the mechanisms responsible for the decay of the persistent currents depending on the values of the interaction coupling constants and the Rabi frequency. When the unpolarized system decays due to an energetic instability in the density channel, the spectrum may develop a roton-like minimum, which gives rise to the finite wavelength excitation necessary for vortex nucleation at the inner surface. When decay in the unpolarized system is driven by spin-density excitations, the finite wavelength naturally arises from the existence of a gap in the excitation spectrum. In the polarized phase of the coherently coupled condensate, there is an hybridization of the excitation modes that leads to complex decay dynamics. In particular, close to the phase transition, a state of broken rotational symmetry is found to be stationary and stable.
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