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yesterday

Korea’s Top Banks Meet Circle and Tether as Circle Signals Openness to Won Stablecoin

Regulators target October guidance on stablecoins, with a bank-led rollout favored by the central bank to safeguard monetary stability.

South korea’s top banks said to meet tether, circle on stablecoin partnerships: report
Tether and Circle to meet South Korea’s top banks on stablecoin adoption
Heath Tarbert, president of Circle Internet Group Inc., speaks during an interview with Yonhap News Agency at a hotel in Seoul on Aug. 21, 2025, during his visit to South Korea. (Yonhap)
Heath Tarbert, president of Circle Internet Group Inc., smiles during an interview with Yonhap News Agency at a hotel in Seoul on Aug. 21, 2025, during his visit to South Korea. (Yonhap)

Overview

  • Shinhan CEO Jin Ok-dong and Hana CEO Ham Young-joo scheduled separate meetings with Circle President Heath Tarbert on Friday, with Ham also set to meet a Tether official.
  • KB Financial’s chief digital and IT officer Lee Chang-kwon and Woori Bank President Jeong Jin-wan are preparing meetings with Tarbert, according to local reports.
  • Heath Tarbert said Circle is open to issuing new stablecoins and to making reputable issuers’ tokens interoperable and exchangeable with USDC, including potential won-backed options.
  • Tarbert met Bank of Korea Governor Rhee Chang-yong in Seoul to hear the central bank’s views, acknowledging concerns about dollar stablecoins and monetary sovereignty.
  • Lawmakers and the FSC are working on stablecoin rules expected by October, while an eight-bank consortium readies a won-pegged launch targeted for late 2025 to early 2026.