South Korea’s big banks meet Circle, Tether on stablecoin plans
South Korea’s largest banking groups, Shinhan, Hana, KB and Woori, plan to meet in Seoul with Circle and Tether to discuss partnerships for a won‑denominated stablecoin and domestic distribution of dollar‑backed tokens. The moves signal that systemically important banks want a front‑row role in stablecoins ahead of expected regulatory clarity.
Who’s meeting whom (Friday, Aug. 22, 2025)
Shinhan CEO Jin Ok‑dong → meeting with Heath Tarbert, President of Circle.
Hana CEO Ham Young‑joo → meeting with Heath Tarbert; plus a separate meeting with a Tether representative the same day.
KB Chief Digital & IT Officer Lee Chang‑kwon → planning a session with Circle executives.
Woori Bank President Jeong Jin‑wan → planning a session with Circle executives. (Exact timings for some meetings are still being finalized.)
Regulatory backdrop
Lawmakers are preparing a stablecoin bill as part of Phase Two of the Virtual Asset User Protection Act, expected to set requirements for issuance, collateral and internal controls. Banks are positioning now to move quickly once the framework is in place.
What’s on the table?
- KRW stablecoin: who issues (bank vs co‑issue), reserve design and custody, audit/attestation cadence.
- USD stablecoins: bank‑run on‑/off‑ramps and distribution of USDC/USDT under South Korean rules.
What to watch next
- Any post‑meeting statements naming partners, pilot scope or timelines.
- Draft text and timing of the stablecoin bill (issuer eligibility, reserve assets, oversight).
- How roles split between banks and issuers: KRW token issuance vs. USD token distribution/custody.
- Signals from the Financial Services Commission and Bank of Korea on supervisory preferences.
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