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Circle and Tether executives will meet with top South Korean banks.
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Talks will cover distributing USDC/USDT and creating won-pegged tokens.
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Meetings come ahead of South Korea’s October stablecoin framework.
Meetings with Top Banks
Circle and Tether executives are set to meet this week with leaders of South Korea’s biggest banks, including Shinhan, Hana, KB Financial, and Woori. Discussions will explore the use of dollar-pegged stablecoins in the country and the potential issuance of won-backed stablecoins.
Regulatory Context
The meetings come as South Korea prepares to introduce stablecoin regulations in October. The ruling People Power Party and the opposition Democratic Party have proposed competing bills, with debates centering on whether interest-generating stablecoins should be allowed.
Challenges and Opportunities
Analysts note that South Korea’s financial market is highly domestic, with foreign firms historically facing restrictions. Still, partnerships with local banks could give Circle and Tether a foothold as demand for stablecoins grows.
Local Competition
Kakao, the country’s tech giant, is already preparing its own won-backed stablecoin through its blockchain project Kaia. Circle and Tether’s talks could set up direct competition with domestic issuers.
