Several top executives from major financial groups in South Korea are planning to meet with senior executives from the two global stablecoin giants Tether and Circle this week. During this meeting, the South Korean financial leaders will focus on the potential applications of dollar-pegged stablecoins in South Korea and discuss the issuance of a stablecoin based on the Korean won. (Background: South Korea orders suspension of "crypto lending services": Leverage threatens market safety, awaiting complete regulatory policies) (Supplementary background: Is the Korean won stablecoin coming? South Korea will submit the "Stablecoin Regulatory Bill" in October, and the four major banks plan to meet with Circle's president next week) According to local media reports, ahead of South Korea's upcoming stablecoin legal framework set to launch in October this year, several top executives from major financial groups in the country are planning to meet with senior executives from Tether and Circle this week. At that time, South Korean financial leaders will focus on the potential applications of dollar-pegged stablecoins in South Korea and explore the issuance of a stablecoin based on the Korean won. Intensive discussions among financial executives signal a buildup in the stablecoin market. According to reports, Jin Ok-dong, CEO of Shinhan Financial Group, and Ham Young-joo, CEO of Hana Financial Group, are scheduled to meet with Circle president Heath Tarbert on Friday, and Ham Young-joo will also hold talks with a senior executive from Tether later that same day. Additionally, Lee Chang-kwon, Chief Digital and Information Technology Officer of KB Financial Group, and Jeong Jin-wan, president of Woori Bank, also plan to meet with Circle's president, although specific dates have not yet been finalized. Note: KB Kookmin Bank, Woori Bank, Shinhan Bank, and Hana Bank are collectively known as the four major banks in South Korea. In this regard, Rajiv Sawhney, Head of International Portfolio Management at Wave Digital Assets, expressed that it is "quite interesting." He pointed out that South Korea's regulatory authorities have been cautious towards cryptocurrencies in the past, thus long-term restrictions have been imposed on foreign institutions registering and operating locally: "In the past, this was a highly domestic market, where local exchanges could only list spot products and were prohibited from perpetual contracts or leveraged trading." South Korea's cryptocurrency policies are yet to be established. Despite current President Lee Jae-myung's public expression of a friendly stance towards cryptocurrencies, regulatory policies in South Korea remain very strict. For instance, this week, the Financial Services Commission (FSC) ordered a comprehensive ban on cryptocurrency exchanges providing crypto lending services, indicating that regulatory pressure has not diminished. Simultaneously, the Democratic Party has expressed differing opinions from the ruling party on the issue of cryptocurrency regulation, voicing concerns about stablecoins that generate interest and strict capital restrictions. However, despite this, South Korea's internet giant Kakao has already registered a trademark for the Korean won stablecoin, indicating that local companies are actively positioning themselves in the stablecoin market. Industry insiders believe that if Tether or Circle reaches a partnership with South Korean banks, it would not only help solidify their positions in the stablecoin market but also unleash greater innovative potential among local fintech companies in a landscape of "coexistence of cooperation and competition." Related reports: Vietnam to launch its first national-level digital asset exchange, with South Korea's leading Upbit providing technical support. Korean-American Tom Lee brings the "coin-stock" trend to South Korea. Korean media K Wave Media announces Bitcoin reserves: plans to buy $500 million BTC, KWM stock skyrockets 135%. "The four major banks in South Korea will meet with Tether and Circle executives this week: discussing the issuance and application of dollar/Korean won stablecoins." This article was first published by BlockTempo, the most influential blockchain news media.