Top executives from the two leading stablecoin issuers, Tether and Circle, are set to meet separately this week with senior leadership at South Korea’s major commercial banks to discuss potential distribution and issuance strategies for stablecoins in the country. The meetings come as South Korea’s Financial Services Commission prepares to introduce a legal framework governing both dollar-pegged and won-backed stablecoins, expected to be unveiled in October of this year.
The first meeting will be held on Friday between Circle Internet Financial’s President Heath Tarbert and the CEO of Shinhan Financial Group, Jin Ok-dong, followed by a session with Hana Financial Group’s CEO Ham Young-joo. Circle will also engage in discussions with KB Financial Group’s Chief Digital and IT Officer Lee Chang-kwon and Woori Bank’s President Jeong Jin-wan, details of which have not been publicly confirmed. The agendas will cover technical and compliance requirements for the issuance of stablecoins tied to the U.S. dollar and the Korean won, as well as exploration of joint ventures to facilitate domestic distribution through existing banking channels.
Local media reports indicate that Tether, which issues USDT, plans to open similar dialogues with banking executives later this week. The collaboration between global stablecoin firms and South Korean banks reflects the growing recognition of stablecoins as a viable complement to traditional payment rails, offering near-instant settlement with minimal counterparty risk when issued on public blockchains.
South Korea’s regulators have historically taken a conservative approach to digital assets, restricting leveraged trading and imposing strict KYC/AML requirements on exchanges. The introduction of a clear stablecoin framework is expected to foster wider merchant acceptance and integration of blockchain payment solutions in domestic retail and e-commerce markets. Industry observers note that a partnership between established stablecoin issuers and South Korea’s major banks could set an example for other jurisdictions evaluating similar regulatory regimes.
Analysts believe that bank-issued won-backed stablecoins could enable more efficient cross-border remittances and reduce reliance on correspondent banking, while permitting dollar-pegged tokens to serve as a hedging tool for local investors. Should these meetings result in formal agreements or pilot programs, South Korea may become one of the first major economies to integrate private and public sector stablecoin offerings within a unified regulatory and compliance framework.
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