Korea stands out as a jurisdiction that highlights the global impact of the United States’ expansive stance towards stablecoins. The central bank has already delayed its wholesale CBDC and tokenized deposit project in response to commercial banks eyeing stablecoins. The pace has been frenetic, even though the country doesn’t yet have enabling legislation.
Activity ramped up with the arrival of senior executives from two stablecoin issuers. Tether CEO Paulo Ardoino and Circle’s President, Heath Tarbert touched down in the country. Tarbert made clear that he wasn’t making any partnership announcements, although the Korean press stated that Circle had inked a deal with Hana Bank in May.
Yonhap News reported that Tarbert met with the Bank of Korea Governor last Thursday and the Chairmen of Shinhan Financial Group and Hana Financial Group on Friday. He is scheduled to meet with senior executives at KB Financial Group and Woori Bank this week, plus crypto firms Hashed and Dunamu, which owns Korea’s largest exchange Upbit. Tether’s meetings have been more limited or more private, with only KB Bank and Hana Bank engagements reported publicly. In addition to stablecoin issuer activities, there’s also news from regulators – the central bank and the BIS.
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