[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back, Escalating the Race for Won Stablecoin Leadership

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

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

During his visit, Allaire stressed the need for a won-based stablecoin and made several key points:

• “A won stablecoin is essential if the Korean economy is to avoid being left out of the future digital economic order.”
• “Circle has no plan to directly issue a won stablecoin. It should be led by Korean financial institutions.”
• “Once Korea’s regulations become clearer, Circle will establish a local entity and officially enter the market.”
• “We are also reviewing investment opportunities in Korean startups and venture capital.”

Industry participants generally viewed the trip as more exploratory than outcome-driven. Local firms hoped engagement with Circle could help them secure a global reference point, but with won stablecoin legislation still incomplete, the meetings were widely seen as part of an early-stage positioning exercise under regulatory uncertainty.

Tether Also Visits Korea, Meets 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 time for meetings with KB Financial Group and Coinone. This created a notable scenario in which the two dominant global stablecoin issuers were simultaneously courting Korean banks and crypto platforms.

The parallel visits are being interpreted as attempts to secure partnerships with key domestic financial institutions before won stablecoin legislation is formally passed. KB Kookmin Bank, in particular, is said to have engaged with both Circle and Tether, drawing attention to how future partnership alignments may take shape.

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

Alongside the stablecoin push, Korea’s regulatory environment is also being rapidly reshaped. According to an industry guide released by Tiger Research on April 9, major institutions are already moving to preempt the market even before legislation tied to won stablecoins is finalized. Such activity is being seen as unusual ahead of full-scale discussions on phase-two legislation under the Digital Asset Basic Act.

Discussions on allowing ICOs are also gaining speed. In early March, the Financial Supervisory Service held a briefing session attended by around 350 people to discuss a supervisory framework for permitting ICOs, which have been broadly banned since 2017. That has raised the possibility of a major policy shift after roughly nine years of prohibition.

At the same time, securities firms are reportedly moving forward with crypto exchange acquisitions. Korea Investment & Securities is said to be pursuing Coinone, while Mirae Asset is reportedly in the process of acquiring Korbit. If completed, acquisitions by major securities firms could significantly reshape the structure of Korea’s digital asset market.

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

The market rebounded 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 recovery from $66,889 on April 3, when it had fallen 2.77% week-over-week.

In Korea’s KRW trading market, Upbit maintained a commanding lead with about 71.6% market share, while Bithumb held second place at roughly 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 both KB and NH were key targets during the Korea visits by Circle and Tether.

Meanwhile, access to Binance’s app in Korea has been blocked since January 2026. As domestic investors face tighter constraints in accessing overseas exchanges, the influence of Korea’s top five local exchanges is continuing to grow.

Key Takeaway: A Full-Scale Positioning Battle Is Underway Amid Regulatory Uncertainty

Overall, the dominant theme last week was the intensifying competition to secure leadership in Korea’s future stablecoin market. Circle and Tether’s near-simultaneous visits and outreach to local banks suggest a strategic effort to lock in partnerships before won stablecoin legislation is enacted.

Still, Korea remains in a regulatory gray zone, meaning the market is largely in an exploratory and positioning phase rather than one producing concrete outcomes. With three major regulatory tracks moving at once—phase-two Digital Asset Basic Act legislation, ICO oversight, and securities firms’ exchange acquisitions—the key question over the coming months will be how domestic 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, and Circle and Tether
• Whether the Financial Services Commission will disclose a timeline for phase-two Digital Asset Basic Act legislation
• Progress in the reported acquisitions of Coinone by Korea Investment & Securities and Korbit by Mirae Asset
• Whether the Financial Supervisory Service will release additional ICO supervisory guidelines