PANews, August 28, reports that Circle has proposed to the South Korean financial sector the issuance of a US dollar stablecoin instead of a Korean won stablecoin. Circle President Heath Tarbert stated during meetings with key executives from the country's four major financial institutions, "We have no intention of collaborating on a won stablecoin," while introducing Circle's US dollar stablecoin and proposing collaboration.
The four major financial institutions believe that Tarbert's visit to South Korea is actually aimed at ensuring Circle's market share in tokens. However, recently, there have been calls within the South Korean financial sector to regulate offshore stablecoins issued overseas as soon as possible. If offshore-issued stablecoins circulate domestically, it could lead to market confusion. This is precisely why Tarbert's visit to South Korea is interpreted as a strategy to persuade banks before the introduction of offshore stablecoin regulatory policies.
