[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 Korea’s digital asset industry was the consecutive Korea visits by Circle and Tether, the global stablecoin ‘big two.’ With KRW stablecoin legislation on the horizon, both companies simultaneously approached local banks and exchanges, suggesting that competition to secure an early lead in Korea’s stablecoin market is now underway.

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

The most closely watched development last 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 domestic fintech firms and executives from Korea’s five major crypto exchanges, to discuss partnerships in stablecoins and on-chain financial infrastructure.

During his visit, Allaire emphasized the need for a KRW stablecoin and outlined the following positions:

• “A KRW stablecoin is essential if the Korean economy is to avoid being left behind in the future digital economy.”
• “Circle has no plan to directly issue a KRW stablecoin. It should be led by Korean financial institutions.”
• “If Korean regulations become clearer, Circle will establish a local entity and formally enter the market.”
• “We are also reviewing investment opportunities in Korean startups and venture capital.”

Industry participants largely viewed the visit as more exploratory than outcome-driven. While local firms sought to gain a global reference point through contact with Circle, many noted that in the absence of finalized KRW stablecoin legislation, discussions were limited to broad positioning rather than concrete execution.

Tether Also Visits Korea, Holds Meetings with KB Financial Group and Coinone

Following Circle, Tether—the world’s largest stablecoin issuer by market capitalization—was also confirmed to have visited Korea around the same period, holding meetings with KB Financial Group and Coinone. This created a notable dynamic in which the two dominant players in the global stablecoin market simultaneously targeted Korea’s banking sector.

The back-to-back Korea visits are widely interpreted as strategic efforts to secure partnerships with major domestic financial institutions before KRW stablecoin legislation is officially passed. KB Kookmin Bank in particular is said to have been in contact with both Circle and Tether, drawing attention to its potential role in future partnership structures.

Digital Asset Framework Act, ICO Revival, and Brokerage-Exchange M&A: Three Regulatory Tracks Move at Once

Alongside the stablecoin issue, Korea’s regulatory environment is also being reshaped rapidly. According to an industry guide published by Tiger Research on April 9, major institutions are already moving to establish early positions even before KRW stablecoin-related legislation is finalized. This is being seen as an unusual development ahead of the full-scale launch of discussions around Phase 2 legislation of the Digital Asset Framework Act.

Discussions on allowing ICOs are also gaining momentum. In early March, the Financial Supervisory Service held a policy briefing attended by around 350 participants, where officials discussed how to build a supervisory framework for permitting ICOs, which have been fully banned since 2017. The move raises the possibility that Korea’s nearly nine-year prohibition on ICOs may be approaching a turning point.

Meanwhile, securities firms are increasingly visible in efforts to acquire crypto exchanges. Korea Investment & Securities is reportedly pursuing Coinone, while Mirae Asset is said to be in the process of acquiring Korbit. If large brokerages complete these deals, the structure of Korea’s digital asset market could be significantly reshaped.

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

Market performance in the third week of April showed a rebound. As of April 17, Bitcoin stood at $75,152, up 4.72% from the previous week. That marked a recovery from $66,889 on April 3, when it had posted a weekly decline of 2.77%, meaning Bitcoin rebounded within roughly two weeks.

In Korea’s KRW spot market, Upbit maintained a dominant share of around 71.6%, while Bithumb held second place at roughly 25%. In terms of banking partnerships, Upbit works with KB Kookmin Bank for real-name accounts, while Bithumb and Coinone partner with NH NongHyup Bank. Analysts say this helps explain why KB Kookmin Bank and NH NongHyup Bank were primary engagement targets during the Korea visits by Circle and Tether.

Meanwhile, domestic access to the Binance app has been blocked since January 2026. As Korean investors face tighter restrictions in accessing offshore exchanges, the influence of the country’s five major local exchanges appears to be increasing further.

Key Takeaway: Positioning Competition Intensifies Amid Regulatory Uncertainty

Taking last week’s developments together, the competition to secure early leadership in the stablecoin market emerged as the key theme. Circle and Tether’s near-simultaneous visits to Korea and their outreach to local banks suggest a strategic push to secure partnerships before KRW stablecoin legislation is enacted.

That said, Korea remains in a regulatory gray zone, and the market is still largely in an exploratory and positioning phase rather than delivering tangible outcomes. With three major regulatory tracks moving at once—Phase 2 digital asset legislation, an ICO supervisory framework, and securities firms’ exchange acquisitions—the biggest 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 the legislative schedule for Phase 2 of the Digital Asset Framework Act
• Progress in the Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition processes
• Whether the Financial Supervisory Service announces additional ICO supervision guidelines