Circle Open to Partnering in Korean Stablecoin Issuance, Says President

TLDR

Table of Contents

Circle President suggests the company may issue a Korean won-pegged stablecoin.
Circle is already issuing EURC and has invested in Japan’s first yen-denominated stablecoin.
Circle is in talks with local exchanges, tech firms, and banks in Korea.
The Korean government’s support for stablecoins is driving discussions on local digital currency development.

Circle, the issuer of USDC, one of the largest stablecoins globally, may play a role in the potential issuance of a Korean won-pegged stablecoin. Circle President Heath Tarbert expressed interest in the project during his visit to Korea on Thursday. If the initiative moves forward, Circle could collaborate with local institutions to issue the stablecoin, making it interoperable with USDC and a part of Circle’s broader stablecoin network.

Tarbert’s comments come as Korea shows growing interest in the digital asset space and blockchain development. The company has already established itself as a leader in stablecoin issuance, with its USDC and EURC already in circulation. Tarbert indicated that Circle is keen to see more stablecoins that are well-regulated and transparent, similar to the company’s existing stablecoins.

Circle Possible Collaboration with Local Institutions

Tarbert mentioned that while Circle could directly issue a Korean stablecoin, it is also possible that the company would work with local players such as banks and financial institutions. The collaboration would focus on ensuring interoperability between the Korean won-pegged stablecoin and Circle’s existing stablecoin ecosystem.

“We’re very keen to see additional stablecoins that are well-regulated, compliant, transparent, and similar to USDC,” said Tarbert.

The idea is to help integrate local stablecoin capabilities into Circle’s global blockchain-based payment network. This would allow for smoother cross-border payments and encourage further adoption of digital assets in the region. The conversation around stablecoin issuance is gaining traction in Korea, supported by regulatory discussions led by the government and local financial entities.

Circle Growing Presence in Asia

Circle’s ambitions in Korea come as the company expands its footprint in Asia. The company has already made strategic investments in Japan’s fintech sector, including a partnership with JPYC, the startup behind Japan’s first yen-denominated stablecoin.

Circle’s presence in the region is expected to grow, with ongoing discussions involving local crypto exchanges, financial institutions, and government officials.

During his visit, Tarbert met with major Korean crypto exchanges like Upbit, Bithumb, and Coinone. He also held discussions with Korea’s top banks, including KB, Shinhan, Hana, and Woori, as well as other technology and industrial firms. This engagement signals Circle’s intent to play an integral role in Korea’s expanding digital currency ecosystem.

Korea’s Support for Digital Assets

Korea’s growing interest in digital assets is evident in its push for stablecoin development. Local government support, especially from figures like President Lee Jae Myung, is driving the momentum for issuing a Korean won-pegged stablecoin.

With a thriving developer community and a strong interest in blockchain technology, Korea is positioning itself as a hub for digital asset innovation.

Tarbert expressed his enthusiasm about the country’s role in the global economy and its potential to lead in the digital asset space. “It is one of the leading economies in the world, and there’s a great deal of participation among Koreans in the financial market,” he said. This ecosystem, combined with Korea’s support for stablecoins, sets the stage for Circle’s potential involvement in the Korean stablecoin project

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