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

Last week (April 13–19), the biggest issue in Korea’s digital asset industry was the back-to-back visits by Circle and Tether, the world’s two leading stablecoin issuers. With legislation for a Korean won stablecoin drawing closer, both companies simultaneously approached domestic banks and exchanges, suggesting that the race to secure an early leadership position in Korea’s stablecoin market is now underway.

Circle CEO Jeremy Allaire’s 24-Hour Korea Visit Included Meetings With Banks and Exchanges

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

During the visit, Allaire stressed the need for a KRW stablecoin and shared the following views:

• “A Korean won stablecoin is essential if the Korean economy is to avoid being left out of the future digital economic order.”
• “We do not plan to issue a KRW stablecoin directly. It should be led by Korean financial institutions.”
• “Once Korea’s regulations become clear, Circle will establish a local entity 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. While local companies sought to build global references through contact with Circle, many noted that in the current regulatory vacuum—before KRW stablecoin legislation is finalized—discussions remained largely at the stage of testing direction rather than producing concrete results.

Tether Also Came to Korea Around the Same Time, Meeting KB Financial and Coinone

Following Circle, Tether—the world’s largest stablecoin issuer by market capitalization—was also confirmed to have visited Korea during a similar period, holding meetings with KB Financial Group and Coinone, among others. This created a rare dynamic in which both dominant global stablecoin issuers were courting Korea’s financial sector at the same time.

The concurrent visits are widely interpreted as a strategic move to secure partnerships with key domestic financial institutions before a KRW stablecoin bill is passed. In particular, KB Kookmin Bank is reportedly one of the institutions that engaged with both Circle and Tether, drawing attention to how future alliances may take shape.

Three Regulatory Tracks Move at Once: Digital Asset Basic Act, ICO Reform, and Securities Firms’ Exchange Acquisitions

Alongside the stablecoin issue, Korea’s regulatory environment is also being reshaped quickly. According to an industry guide released by Tiger Research on April 9, major institutions are already moving to stake out positions in the market even before KRW stablecoin legislation is finalized. This is seen as an unusual development occurring ahead of full-scale discussions on phase-two legislation under the Digital Asset Basic Act.

Momentum is also building around the possible reauthorization of ICOs. In early March, the Financial Supervisory Service held a policy briefing attended by around 350 participants and discussed supervisory frameworks for allowing ICOs, which have been fully banned since 2017. The nearly nine-year policy stance against ICOs may now be approaching a turning point.

Meanwhile, securities firms are also beginning to move on crypto exchange acquisitions. Korea Investment & Securities is reportedly pursuing Coinone, while Mirae Asset is said to be in the process of acquiring Korbit. If such deals are completed, market watchers believe they could significantly reshape the structure of Korea’s digital asset market.

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

Market conditions improved in the third week of April. As of April 17, Bitcoin stood at $75,152, up 4.72% from the previous week. That marks a rebound in roughly two weeks from $66,889 on April 3, when it had posted a weekly decline of 2.77%.

In Korea’s KRW spot market, Upbit maintained clear dominance with roughly 71.6% market share. Bithumb held second place at about 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 key targets during the Korea visits by Circle and Tether.

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

Key Takeaway: Positioning Competition Intensifies in a Regulatory Vacuum

Looking across last week’s developments, the central theme was the intensifying contest to secure leadership in the stablecoin market. Circle and Tether’s near-simultaneous visits to Korea and their engagement with domestic banks suggest a calculated effort to lock in partnerships before KRW stablecoin legislation is enacted.

Still, Korea remains in a regulatory gray zone, and many believe the industry is still in an exploration and positioning phase rather than one of concrete execution. With three regulatory tracks moving simultaneously—phase-two Digital Asset Basic Act legislation, ICO supervisory reform, and securities firms’ exchange acquisitions—the biggest question over the coming months will be which domestic financial institutions and exchanges align with which global players, and on what terms.

What to Watch Next Week

• Follow-up discussions between Circle/Tether and KB Kookmin Bank or NH NongHyup Bank
• Whether the Financial Services Commission unveils the timeline for phase-two Digital Asset Basic Act legislation
• Progress on Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition talks
• Whether the Financial Supervisory Service releases additional ICO supervisory guidelines