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yesterday

South Korea’s Big Banks Hold Talks With Circle and Tether on Stablecoin Plans

Circle signals openness to won‑pegged tokens interoperable with USDC ahead of October guidance.

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

  • Top executives from Shinhan, Hana, KB and Woori arranged meetings this week with Circle and Tether, including Friday sessions with Circle President Heath Tarbert and a separate meeting between Hana’s chief and a Tether official.
  • Discussions focus on potential distribution and use of dollar‑pegged stablecoins in Korea and the exploration of issuing tokens backed by the won.
  • Tarbert said Circle is open to issuing a won‑backed stablecoin and to inviting reputable issuers into its network so their tokens are interoperable and exchangeable with USDC.
  • During his Seoul visit, Tarbert met Bank of Korea Governor Rhee Chang‑yong, emphasized relationship‑building rather than immediate deals, and acknowledged regulators’ concerns about capital outflows and monetary sovereignty.
  • Regulators plan to present stablecoin guidance in October as domestic players prepare, including an eight‑bank consortium aiming to launch a won‑pegged stablecoin between late 2025 and early 2026.