South Korea’s Major Banks to Discuss Stablecoin Partnerships with Tether and Circle
South Korea's largest financial groups are set to meet with officials from Tether and Circle this week.
- Executives from Shinhan, Hana, KB Financial, and Woori Bank will discuss partnerships for dollar-pegged stablecoins.
- The discussions include the potential issuance of a stablecoin pegged to the won.
- President Lee Jae Myung's administration aims to establish a market for stablecoins, fulfilling an election campaign pledge.
- The Bank of Korea halted plans for a central bank digital currency (CBDC) in June after Lee's election.
- Upbit is collaborating with Naver Pay on developing a won-pegged stablecoin.
- Meetings include Shinhan CEO Jin Ok-dong and Hana CEO Ham Young-joo with Circle President Heath Tarbert, and Ham also meeting with a Tether official.
- KB Financial and Woori Bank are arranging similar talks with Circle regarding its USDC stablecoin.