Tether and Circle will meet with the four largest bank CEOs in South Korea to discuss stablecoin partnerships.
The talks focus on distributing U.S. dollar-backed stablecoins and issuing stablecoins supported by the Korean won.
South Korea is preparing to establish new regulations for stablecoins, leading to a temporary suspension of the digital won project.
Tether and Circle, which stand behind the world's leading stablecoins, are meeting with the leaders of the four largest banks in South Korea this week.#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي
According to Yonhap News Agency, these discussions will focus on potential partnerships, including ways to distribute U.S. dollar-backed stablecoins like USDT and USDC in South Korea, and creating new stablecoins linked to the Korean won. This comes as South Korea prepares new regulations for stablecoins, expected to be released in October.
Major banks and stablecoin plans
The meetings will involve senior executives from Shinhan Financial Group, Hana Financial Group, KB Financial Group, and Woori Bank, known as the 'Big Four Banks' in South Korea. Shinhan's CEO, Jin Ok Dong, and Hana's CEO, Ham Young Joo, are scheduled to meet Circle's CEO, Heath Tarbert, on Friday. Ham will also meet with an official from Tether that day.
Lee Chang Kwon, the digital officer at KB, and Jung Jin Wan, the CEO of Woori, are also planning to meet Tarbert. The meeting date has not yet been determined. The discussions will explore how these banks can collaborate with Tether and Circle to handle dollar-based stablecoins and issue won-based coins.
The South Korean government suspended the digital won project in June to focus on stablecoin regulations, and similar banks are already preparing. For example, Kakao's banking branch plans to join the stablecoin market. Some banks have registered trademarks for their own stablecoins.
These discussions follow Tether and Circle's meetings with global regulators, including a U.S. forum in March and Tether discussions in countries like El Salvador. South Korea's new regulations may impact how stablecoins grow in the country.
