South Korea is preparing to step into a new era of digital finance. According to a report from Yonhap, key meetings are scheduled this week between the country’s largest banking groups and Tether and Circle, issuers of the two largest stablecoins in the world – USDT and USDC.

Who’s at the Table

Senior executives from Shinhan, Hana, KB Financial, and Woori Bank will take part in separate meetings to discuss:

🔹 The distribution of U.S. dollar-backed stablecoins for use in South Korea

🔹 The potential issuance of a stablecoin pegged to the Korean won

These talks are part of President Lee Jae-myung’s broader strategy to create a robust domestic stablecoin market – digital tokens tied to conventional assets.

Political Backdrop and State Role

Support for stablecoins was one of President Lee’s key campaign promises. Following his inauguration, the Bank of Korea postponed its own central bank digital currency (CBDC) initiative to focus on cooperation with the private sector.

The momentum is already evident: leading crypto exchange Upbit has announced a partnership with Naver Pay to work on its own stablecoin project.

Banks, Tether, and Circle: Concrete Talks

According to reports, this Friday:

  • Jin Ok-dong, CEO of Shinhan Bank, and Ham Young-joo, CEO of Hana Bank, will meet with Heath Tarbert, President of Circle.

  • Later the same day, Ham Young-joo is expected to meet with representatives of Tether.

  • Lee Chang-kwon, head of digital technology at KB Financial, and Jeong Jin-wan, President of Woori Bank, are also arranging talks with Circle.

Why It Matters

Stablecoins are among the fastest-growing segments of the crypto market, serving as a bridge between traditional finance and the digital economy. If South Korean banks launch stablecoins tied to both the U.S. dollar and the won, it could pave the way for widespread adoption of digital assets in the country’s financial system.

For Tether and Circle, partnerships with South Korea’s major banks would mark a strategic expansion into one of the world’s most technologically advanced economies.

✅ Summary: South Korea’s largest banks are entering direct talks with Tether and Circle on stablecoin partnerships. If successful, the country could soon launch its own won-backed stablecoin and establish itself as a pioneer in merging traditional banking with crypto.

#Stablecoins , #Tether , #Circle , #USDT , #USDC

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