Tether is expanding its presence in Asia by initiating high-level meetings with leading South Korean commercial banks. These discussions may lead to the launch of a stablecoin in South Korea.
Tether's Meetings with Major Banks
On September 8, Tether representatives met with Shinhan Bank executives in Seoul. This follows previous discussions with KEB Hana and Woori Bank in late August. Upcoming talks are also set with KB Kookmin Bank, South Korea's largest lender.
Marco Dal Lago, Tether’s VP for Global Expansions, was joined by Quynh Le and Andres Kim in these closed-door sessions. Their agenda centered on collaboration opportunities, banking integrations, and potential use cases for the Tether South Korea Stablecoin.
Regulatory Discussions in South Korea
South Korean lawmakers are currently debating whether issuing stablecoins should be limited to banks or extended to tech firms. The outcome of this decision will directly affect the timeline for any Tether South Korea Stablecoin launch.
A parliamentary committee has proposed that banks take the lead, citing stronger regulatory oversight. Others argue that limiting issuance to banks may stifle innovation and prevent fintech startups from contributing to the ecosystem.
Competition with Circle and Other Aspects
Shinhan Bank’s chairman, Jin Ok-dong, also met with Circle executives last month, underscoring the country’s balanced approach to evaluating multiple stablecoin issuers. Both Tether and Circle are positioning themselves as trusted partners in the race for a won-pegged stablecoin.
Analysts suggest that whichever company gains early adoption could set the standard for stablecoin use in South Korea. 'The competition between Circle and Tether will shape how digital finance unfolds here,' said a Seoul-based fintech advisor.
The outcome of these discussions could determine whether South Korea becomes a leader in regulated stablecoin adoption. With multiple banks and lawmakers involved, the Tether South Korea Stablecoin is more than a corporate initiative; it is a test case for the future of digital money in Asia.
