South Korea’s largest financial groups are set to meet officials from Tether and Circle Internet (CRCL)Issuers of the two largest stablecoins, as early as this week, according to Yonhap.
At separate meetings, leaders from Shinhan, Hana, KB Financial and Woori Bank will discuss potential partnerships on distribution and trading in dollar-pegged stableecoins in the country as well as exploring the issuance of a stableecoin associated with WON.
The movements come as President Lee Jae Myung’s pro-crrypto administration pushes to establish a market for stablecoins, digital tokens whose value is linked to a conventional asset, tied to Won, a key mortgage from his election campaign. Bank of Korea Pay plans to issue a Central Bank Digital Currency (CBDC) In June after Lee’s election earlier this month. Upbit, one of the country’s largest crypto exchanges, has already said it is working with naver salary on a stablecoin.
Shinhan CEO Jin Ok-Dong and Hana Ceo Ham Young-Joo are scheduled to meet Circle President Heath Tarbert on Friday, and he is also expected to sit down with a Tether official later that day. KB Financials Chief Digital & IT officer, Lee Chang-Kwon and Woori Bank’s President Jin-Wan reportedly organizes similar conversations with Circle, whose USDC is the second largest stableecoin baked Tether’s USDT.
Read more: Crypto for advisers: Asian StableCOin Adoption
