Tether and Circle prepare to meet a series of major bank CEOs in South Korea to discuss stablecoin

According to Yonhap, leaders from the two "big players" in stablecoin #Tether (USDT) and Circle ($USDC ) will have a series of important meetings with the CEOs of South Korea's top financial groups this week. The main topic revolves around the possibility of distributing USD-pegged stablecoins in the Korean market, along with the idea of issuing a token pegged to the won.

Expectedly, Circle Chairman Heath Tarbert will meet with Shinhan Financial Group CEO Jin Ok-dong and Hana Financial Group CEO Ham Young-joo on Friday. Mr. Ham will also have a separate meeting with a Tether official. Additionally, leaders from KB Financial Group and Woori Bank are also said to be arranging a meeting with Circle in the near future.

This move comes as South Korea is preparing to issue a legal framework for stablecoins in October. However, the regulation of this sector remains controversial: the ruling party and opposition have opposing views on how to regulate stablecoins, particularly regarding interest rates and capital limits. #Korea

Despite this, the growing interest from both the government and financial groups indicates that stablecoins are becoming an inevitable trend. Experts believe that if Circle or Tether partners with domestic banks, they could maintain an advantage over competition from Korean fintechs – which are also preparing to launch won-pegged stablecoins.

👉 This meeting could pave the way for the era of stablecoins in South Korea, where traditional finance and blockchain are gradually converging. #anhbacong