Tether and Circle in talks with South Korea’s biggest banks

Tether and Circle, two of the world’s largest stablecoin issuers, are set to meet this week with the CEOs of South Korea’s four biggest banking groups, according to Yonhap News Agency.

The discussions will focus on potential partnerships, the issuance of stablecoins backed by the Korean won, and the distribution of U.S. dollar-backed stablecoins in the local market.

On Friday, Circle President Heath Tarbert is scheduled to meet Jin Ok-dong, CEO of Shinhan Financial Group, and Ham Young-joo, CEO of Hana Financial Group. Local media also report that Young-joo will meet with a Tether representative the same day.

In addition, Lee Chang-kwon, Chief Digital and IT Officer at KB Financial Group, and Jeong Jin-wan, President of Woori Bank, plan to hold talks with Tarbert at an undisclosed time.

The four institutions – Shinhan, Hana, KB, and Woori – have been designated by South Korea’s Financial Services Commission as systemically important banks. The meetings mark the first official attempt at direct dialogue between major stablecoin issuers and the South Korean banking sector.