[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 visits by Circle and Tether, the world’s two largest stablecoin issuers. With legislation for a Korean won stablecoin on the horizon, both companies simultaneously engaged domestic banks and exchanges, suggesting that competition to secure leadership in Korea’s stablecoin market is now entering full swing.

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

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

During his visit, Allaire emphasized the importance of a KRW-denominated stablecoin and outlined the following positions:

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

Industry observers generally viewed the trip as more exploratory than outcome-driven. While domestic firms sought to gain global reference points through contact with Circle, many noted that the discussions remained limited to strategic exploration due to the regulatory vacuum surrounding KRW stablecoin legalization.

Tether Also Visits 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 period and held meetings with KB Financial Group and Coinone. This created a rare scenario in which the two dominant players in the global stablecoin market were simultaneously courting Korean financial institutions.

The overlapping visits are being interpreted as strategic efforts to secure partnerships with major domestic institutions before KRW stablecoin legislation is enacted. In particular, KB Kookmin Bank is reported to have been in contact with both Circle and Tether, drawing attention to how future partnership alignments may take shape.

Digital Asset Basic Act, ICOs, and Brokerage Acquisitions of Exchanges: 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 secure market position even before KRW stablecoin legislation is finalized. This is seen as an unusual development ahead of full-scale discussions on the second phase of the Digital Asset Basic Act.

Debate 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 that could allow ICOs, which have been fully banned since 2017. This raises the possibility that Korea’s nearly nine-year prohibition on ICOs may be approaching a turning point.

Meanwhile, securities firms are making visible moves to acquire crypto exchanges. Korea Investment & Securities is reportedly proceeding with an acquisition process involving Coinone, while Mirae Asset is pursuing Korbit. If major brokerages successfully acquire exchanges, the structure of Korea’s digital asset market itself could be significantly reshaped.

Market Data: Bitcoin Climbs Above $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. This marked a rebound within about two weeks from $66,889 on April 3, when it had been down 2.77% week over week.

In Korea’s KRW market, Upbit maintained clear dominance with roughly 71.6% market share. Bithumb held second place at around 25%. In terms of banking partnerships, Upbit works with KB Kookmin Bank, while Bithumb and Coinone use NH NongHyup Bank for real-name account services. Analysts say this helps explain why KB Kookmin Bank and NH NongHyup Bank were among the main targets during the visits by Circle and Tether.

Meanwhile, domestic access to the Binance app, the world’s largest exchange, has been blocked since January 2026. As Korean investors face growing limitations in accessing offshore exchanges, the influence of the country’s top five domestic platforms appears to be strengthening further.

Key Takeaway: Positioning Competition Intensifies in a Regulatory Vacuum

Looking at last week as a whole, the race to preempt leadership in the stablecoin market clearly emerged as the central theme. Circle and Tether’s near-simultaneous visits to Korea and their outreach to domestic banks indicate a strategic effort to lock in partnerships ahead of the passage of KRW stablecoin legislation.

That said, Korea remains in a regulatory gray zone, meaning concrete business outcomes are still limited and most activity remains at the exploration and positioning stage. With three regulatory tracks moving at once — the second phase of the Digital Asset Basic Act, a supervisory framework for ICOs, and securities firms’ acquisitions of exchanges — 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 and NH NongHyup Bank with Circle and Tether
• Whether the Financial Services Commission discloses a legislative timeline for phase two of the Digital Asset Basic Act
• Progress in Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition deals
• Whether the Financial Supervisory Service releases additional guidance on the ICO supervisory framework