According to Mars Finance, Circle has proposed to the South Korean financial authorities to issue a US dollar stablecoin instead of a Korean won stablecoin. Circle's President Heath Tarbert stated during a meeting with the top executives of the country's four major financial institutions: 'There is no intention to collaborate on a Korean won stablecoin,' and introduced the US dollar stablecoin issued by Circle while suggesting a cooperation proposal. The four major financial institutions believe that Tarbert's visit to South Korea is actually aimed at securing Circle's market share for its tokens. However, there have been recent calls within the South Korean financial sector for the regulation of offshore stablecoins issued overseas to be expedited. This is because if offshore issued stablecoins circulate domestically, it could lead to market chaos. This is precisely why Tarbert's visit to Korea is interpreted as a strategy to persuade banks before the offshore stablecoin regulatory policies are introduced.