Stablecoins: The Future of Digital Currency in South Korea?

Updated

August 22, 2025

Gambar Stablecoins: The Future of Digital Currency in South Korea?

Jakarta, Pintu News – A meeting between stablecoin market leaders Tether and Circle with executives of South Korea’s largest bank this week signals a new era in digital currency collaboration. According to a report from state-backed Yonhap News Agency, the discussion will be about the potential issuance of stablecoins backed by the Korean won as well as the distribution of dollar-backed tokens in Asia’s highly active crypto market.

Key Meetings with Major Banks

Executives from four of the country’s most important financial groups, namely Shinhan, Hana, KB Financial, and Woori, are scheduled to meet with representatives from the two publishers. Shinhan CEO Jin Ok-dong and Hana CEO Ham Young-joo will meet with Circle President Heath Tarbert on Friday. Meanwhile, Lee Chang-kwon, KB’s head of digital and IT, and Woori Bank President Jeong Jin-wan also plan to hold sessions with Tarbert.

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Global Expansion and Regulation

Tether and Circle have increased their global reach as governments around the world move towards clearer rules for digital money. The two executives joined a US Commodity Futures Trading Commission (CFTC) forum in March, along with other crypto leaders and White House officials.

Tether has also expanded its operations internationally, by signing agreements with governments in Guinea and Uzbekistan to explore blockchain payments, and moving operations to El Salvador after a meeting with President Nayib Bukele.

Preference for Stablecoins over CBDC

Earlier in June, the Bank of Korea delayed their central bank digital currency (CBDC) pilot, as political and market support grew for a private sector stablecoin held to the Korean won. This move came after months of preparation with local banks to test a digital version of the won.

Seven banks joined in the first phase of the CBDC pilot, which ran from April to June and involved 100,000 users making test payments at participating merchants, including 7-Eleven. The second round, which was scheduled to begin later this year and would have expanded to remittances and more merchants, has now been postponed.

Conclusion

The collaboration between Tether and Circle with major banks in South Korea may mark a turning point in the adoption of digital currencies in the country. With banks preferring the stablecoin route, it offers clearer monetization opportunities, which could bring significant economic benefits to all parties involved.

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