According to local media reports, leading stablecoin issuers Tether and Circle are expected to meet with executives from South Korea's largest banks this week.
The South Korean state-run news agency Yonhap reported on Thursday that representatives from Tether and Circle plan to meet with executives from the country's four major financial groups. The executives are expected to discuss potential partnerships, the issuance of won-backed stablecoins, and the distribution of dollar-backed stablecoins in South Korea.
Reportedly, Shinhan Financial Group CEO Jin Ok-dong and Hana Financial Group CEO Ham Young-joo plan to meet with Circle President Heath Tarbert on Friday. It is also reported that Ham Young-joo plans to meet with Tether officials on the same day.
According to reports, Lee Chang-kwon, Chief Digital and Information Technology Officer of KB Financial Group, and Jeong Jin-wan, President of Woori Bank, also plan to meet with Circle's Tarbert at an undisclosed time. These representatives are from South Korea's "Big Four" banking groups, designated as domestic systemically important banks by the Financial Services Commission.
This news comes after reports earlier this month that South Korea is preparing to introduce a regulatory framework for won-backed stablecoins. It is said that the Financial Services Commission will announce the legislation as part of the second phase of the country's "Virtual Asset User Protection Act."
In early July, the stock prices of at least three major South Korean banks surged after applying for stablecoin trademarks. Subsequently, South Korean IT giant Kakao Corporation's banking division issued a statement announcing that the institution "plans to actively participate" in the stablecoin market.
South Korea's shift to focus on stablecoin regulation follows the suspension of the country's central bank digital currency (CBDC) testing at the end of June, turning instead to support won-backed stablecoins. Prior to this development, eight major South Korean banks planned to collaborate to launch a stablecoin pegged to the local fiat currency next year.
The South Korean meetings are the latest in a series of high-level engagements by Tether and Circle as global regulators move towards clearer stablecoin rules.
In early March, Tether CEO Paolo Ardoino and Circle's Tarbert attended a Chief Executive Forum hosted by the Commodity Futures Trading Commission (CFTC) in Washington, D.C., led by acting chair Caroline Pham. The event included at least 22 cryptocurrency executives and two White House representatives.
This meeting followed reports in mid-February that Tether was negotiating with U.S. lawmakers to help shape stablecoin regulatory policy. Local stablecoin regulation has since evolved, with the U.S. Treasury recently requesting comments on the proposed "American Stablecoin Innovation and Establishment Act" (GENIUS).
Tether has also signed agreements with foreign governments, including Guinea and Uzbekistan, to explore the adoption of blockchain and peer-to-peer payments. In January, the company announced plans to relocate its business to El Salvador after Ardoino held several meetings with the country's president, Nayib Bukele.
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Original article: “Reports say Tether, Circle to meet with top South Korean bank CEOs”
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