Tether and Circle, the companies behind the world's top stablecoins, are meeting with leaders from South Korea’s four biggest banks to discuss possible partnerships.
Discussion of Partnerships and Stablecoins
According to Yonhap News Agency, these meetings will focus on potential ways to distribute US dollar-backed stablecoins like USDT and USDC, as well as creating new stablecoins tied to the Korean won.
Participants and Their Goals
Executives from Shinhan Financial Group, Hana Financial Group, KB Financial Group and Woori Bank, known as the 'Big Four' banks in South Korea, are participating in these discussions. Shinhan’s CEO Jin Ok dong and Hana’s CEO Ham Young joo are set to meet Circle’s President Heath Tarbert on Friday, with meetings also scheduled with Tether officials.
Regulatory Changes in South Korea
The South Korean government paused its digital won project to focus on new rules for stablecoins expected in October. Some banks, such as Kakao’s banking division, are preparing to enter the stablecoin market and have already filed trademarks for their own stablecoins.
The meetings of Tether and Circle with South Korea’s major banks could have a significant impact on the stablecoin market in the country, especially given the new regulatory initiatives.
