[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back as Battle for KRW Stablecoin Leadership Heats Up

Last week (April 13–19), the biggest issue in South Korea’s digital asset industry was the consecutive Korea visits by Circle and Tether, the world’s two largest stablecoin issuers. With KRW stablecoin legislation approaching, both companies are moving at the same time to engage Korean banks and crypto exchanges, suggesting that competition to secure early leadership in the local stablecoin market has begun in earnest.

Circle CEO Jeremy Allaire Makes 24-Hour Korea Visit, Holds Back-to-Back Meetings with Banks and Exchanges

The most closely watched event of the week was Circle founder and CEO Jeremy Allaire’s 24-hour visit to Korea from April 13 to 14. Despite the short schedule, Allaire met with major commercial banks including KB Kookmin Bank and NH NongHyup Bank, as well as local fintech firms and executives from Korea’s five major crypto exchanges, to discuss partnerships around stablecoins and on-chain financial infrastructure.

During the visit, Allaire stressed the need for a KRW stablecoin and made the following points:

• “A KRW stablecoin is essential if the Korean economy is not to be left behind in the future digital economic order.”
• “Circle has no plans to issue a KRW stablecoin directly. Korean financial institutions should take the lead.”
• “Once Korean regulations become clear, Circle will establish a local office and formally enter the market.”
• “We are also reviewing opportunities to invest in Korean startups and venture capital.”

Industry observers generally viewed the trip as more exploratory than outcome-driven. Domestic firms sought to gain a global reference point through contact with Circle, but with no finalized legal framework for KRW stablecoins yet in place, discussions appear to have remained at the stage of direction-setting rather than concrete execution.

Tether Also Arrives in Korea Around the Same Time, Meets KB Financial and Coinone

Following Circle, Tether, the world’s largest stablecoin issuer by market capitalization, was also confirmed to have visited Korea around the same time and held meetings with KB Financial Group and Coinone. This created a notable dynamic in which the two dominant players in the global stablecoin market were simultaneously courting Korean financial institutions.

The back-to-back visits are widely interpreted as a strategic move to secure partnerships with key Korean financial players ahead of passage of KRW stablecoin legislation. In particular, KB Kookmin Bank is said to have been in contact with both Circle and Tether, drawing market attention to what future cooperation structures may emerge.

Digital Asset Basic Act, ICOs, and Securities Firms’ Exchange Acquisitions: Three Regulatory Tracks Moving at Once

Alongside the stablecoin issue, Korea’s regulatory landscape is also being reshaped quickly. According to an industry guide published by Tiger Research on April 9, major institutions are already moving to capture market position even before KRW stablecoin legislation is finalized. This is seen as an unusual development ahead of full-scale discussion on the second phase of the Digital Asset Basic Act.

Discussion over allowing ICOs is also gaining momentum. In early March, the Financial Supervisory Service held a briefing session attended by around 350 participants to discuss how to build a supervisory framework for permitting ICOs, which have been fully banned since 2017. This raises the possibility that the nearly nine-year policy stance against ICOs may be approaching a turning point.

Meanwhile, moves by securities firms to acquire crypto exchanges are becoming more visible. Korea Investment & Securities is reportedly pursuing an acquisition of Coinone, while Mirae Asset is said to be moving forward with the process to acquire Korbit. If these deals are completed, they could significantly reshape the structure of Korea’s digital asset market.

Market Data: Bitcoin Reclaims $75,000, Upbit Maintains Dominance

The market showed signs of recovery in the third week of April. As of April 17, Bitcoin stood at $75,152, up 4.72% from the previous week. That marked a rebound within roughly two weeks from $66,889 on April 3, when Bitcoin had been down 2.77% week-on-week.

In Korea’s KRW spot market, Upbit maintained its dominant position with about 71.6% market share. Bithumb remained in second place at roughly 25%. In terms of exchange banking partners, Upbit works with KB Kookmin Bank, while Bithumb and Coinone use NH NongHyup Bank for real-name account partnerships. Analysts noted that the focus by Circle and Tether on KB Kookmin Bank and NH NongHyup Bank during their Korea visits is likely related to this banking structure.

Meanwhile, domestic app access to Binance, the world’s largest exchange, has been blocked since January 2026. As overseas exchange access becomes more restricted for Korean investors, the influence of the country’s top five local exchanges continues to grow.

Key Takeaway: Positioning Competition Intensifies During Regulatory Vacuum

Looking at the week as a whole, the core theme was the intensifying battle to secure early leadership in the stablecoin market. Circle and Tether’s near-simultaneous Korea visits and meetings with domestic banks suggest a strategic effort to lock in partnerships before KRW stablecoin legislation is enacted.

Still, Korea remains in a regulatory gray zone, meaning that the market is largely still in an exploratory and positioning phase rather than a stage of concrete performance or rollout. With three regulatory tracks moving at once—the second phase of the Digital Asset Basic Act, an ICO supervisory framework, and exchange acquisition efforts by securities firms—the key question over the coming months will be how Korean financial institutions and exchanges choose to align with global players.

What to Watch Next Week

• Follow-up discussions between KB Kookmin Bank, NH NongHyup Bank, Circle, and Tether
• Whether the Financial Services Commission discloses a legislative timetable for phase two of the Digital Asset Basic Act
• Progress on Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition efforts
• Whether the Financial Supervisory Service announces additional ICO supervisory guidelines