Wu said that according to Money Today, the Financial Services Commission (FSC) of South Korea plans to announce the regulation bill for the Korean won stablecoin in October this year, covering issuance conditions, collateral management, and internal risk control, as part of the second phase of legislation for the Virtual Asset User Protection Act. In addition, South Korea's four largest banks—Kookmin Bank, Woori Bank, Shinhan Bank, and Hana Bank—plan to meet with Circle President Heath Tarbert, the issuer of USDC, to discuss stablecoin business.