Stablecoin partnerships are taking center stage in South Korea’s banking industry, as top financial institutions explore collaboration with global stablecoin issuers. Executives from South Korea’s leading banks are expected to hold talks with Tether and Circle, the companies behind the world’s most widely used dollar-pegged digital currencies.

Major Banks Eye Stablecoin Integration

Key financial groups including Shinhan, Hana, KB Financial, and Woori Bank are preparing to meet with representatives from Tether and Circle this week. The agenda includes potential stablecoin partnerships focusing on the use and distribution of dollar-backed tokens like USDT and USDC across South Korea’s digital payments ecosystem. Additionally, discussions are likely to touch on the possibility of launching a won-pegged stablecoin specific to South Korea.

This proactive move aligns with the vision of President Lee Jae Myung, whose administration has prioritized cryptocurrency innovation. A key campaign promise included the development of a stablecoin ecosystem centered on the South Korean won. Since Lee’s inauguration, the country’s central bank has abandoned its central bank digital currency (CBDC) initiative to focus resources on supporting private-sector stablecoin alternatives.

Circle and Tether in Strategic Discussions

Circle President Heath Tarbert is scheduled to meet Shinhan CEO Jin Ok-dong and Hana CEO Ham Young-joo on Friday to assess the viability of integrating USDC into South Korea’s payment networks. In a parallel move, CEO Ham is also expected to hold separate talks with an official from Tether later the same day. This dual-engagement strategy highlights the urgency with which South Korea’s banks are approaching the stablecoin opportunity.

Meanwhile, KB Financial’s Chief Digital & IT Officer, Lee Chang-kwon, along with Woori Bank President Jeong Jin-wan, are reportedly coordinating similar meetings with Circle. The aim is to better understand Circle’s technology and compliance frameworks before any formal agreement is reached. Circle’s USDC—while trailing Tether’s USDT in total circulation—offers competitive opportunities through its regulatory-focused model.

Executives from major South Korean banks are meeting stablecoin issuers to explore digital currency partnerships.

Domestic Crypto Landscape Shifting

South Korea’s appetite for blockchain innovation is growing. As regulatory clarity emerges under the new administration, local exchanges and fintech firms are positioning themselves for the stablecoin economy. Earlier this summer, Upbit—one of the nation’s largest crypto exchanges—announced it is working with Naver Pay to issue a won-backed stablecoin, signaling how tech companies and financial institutions are converging on these digital assets.

The discussions with Circle and Tether could propel South Korea into a leading position within the Asian stablecoin market. According to a recent feature by CoinDesk, growing cross-border interest in Asian stablecoin adoption is shaping global crypto strategy among institutional players.

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These bank-stablecoin talks underscore how traditional finance is rapidly embracing blockchain-based solutions to modernize currency infrastructure, unlock new payment models, and promote digital asset adoption.