Stablecoin giants Tether and Circle are expected to hold key meetings with South Korea’s biggest banks this week to explore strategic partnerships and stablecoin adoption in the region.
Meetings with South Korea’s “Big Four” Banks
According to local media, executives from Tether and Circle will meet with leaders of Shinhan Financial Group, Hana Financial Group, KB Financial Group, and Woori Bank — the four largest financial institutions in South Korea. These discussions will reportedly center on:
- Launching Korean won-backed stablecoins
- Expanding the distribution of U.S. dollar-backed stablecoins
- Exploring integration into South Korea’s banking and payment systems
Circle President Heath Tarbert is scheduled to meet Shinhan CEO Jin Ok-dong and Hana CEO Ham Young-joo on Friday. Young-joo will also reportedly meet a Tether representative the same day. Additionally, KB Financial Group’s tech chief Lee Chang-kwon and Woori Bank President Jeong Jin-wan are expected to hold talks with Circle executives.
South Korea Prepares Stablecoin Regulations
This development follows South Korea’s move toward a regulatory framework for stablecoins. The Financial Services Commission (FSC) is set to unveil a bill under the Virtual Asset User Protection Act, focusing on won-backed stablecoin issuance.
Earlier this year, several major banks in South Korea filed trademarks for stablecoins, signaling their entry into the digital asset market. Kakao Bank also announced plans to actively participate in stablecoin initiatives. The country recently paused its CBDC (central bank digital currency) pilot to prioritize won-backed stablecoins.
Why It Matters for the Global Stablecoin Market
South Korea’s interest comes amid growing global regulatory clarity, especially after the U.S. passed the GENIUS Act, which sets standards for stablecoin issuance. Both Tether and Circle have been strengthening ties with regulators and financial institutions worldwide:
- March 2025: Tether CEO Paolo Ardoino and Circle’s Tarbert joined a CFTC forum with U.S. regulators and White House officials.
- January 2025: Tether announced plans to relocate operations to El Salvador, following agreements with governments like Guinea and Uzbekistan.
With South Korea emerging as a key market, these partnerships could reshape the country’s DeFi and payments ecosystem, providing a major boost to digital asset adoption in Asia.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.