[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back, Heating Up the Battle for KRW Stablecoin Dominance

The biggest story in South Korea’s crypto industry last week (April 13–19) was the back-to-back visits by Circle and Tether, the world’s two leading stablecoin issuers. As legislation for a KRW-denominated stablecoin framework approaches, both firms moved at the same time to engage Korean banks and crypto exchanges, signaling that the race to secure early influence in the local stablecoin market is now underway.

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

The most closely watched development was Circle founder and CEO Jeremy Allaire’s 24-hour visit to Korea from April 13 to 14. Despite the short schedule, Allaire reportedly 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 top five crypto exchanges, to discuss possible partnerships in stablecoins and on-chain financial infrastructure.

During the visit, Allaire stressed the importance of a KRW stablecoin and made several key points:

• “A KRW stablecoin is essential if the Korean economy is to avoid being left behind in the future digital economic order.”
• “Circle has no plan to issue a KRW stablecoin directly. Korean financial institutions should take the lead.”
• “Once Korean regulations become clear, 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 generally viewed the visit as more exploratory than transactional. While Korean companies appeared eager to build a global reference point through engagement with Circle, many observers said discussions remained limited to strategic direction because the legal framework for KRW stablecoins has not yet been finalized.

Tether Also Visits Korea, 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, holding meetings with KB Financial Group and Coinone. This created a notable dynamic in which the two dominant global stablecoin issuers were simultaneously courting key players in Korea’s banking and exchange sectors.

The timing of these visits is widely interpreted as a preemptive push to secure partnerships with major domestic financial institutions before KRW stablecoin legislation is passed. In particular, KB Kookmin Bank is reported to have been in contact with both Circle and Tether, drawing attention to how future partnership lines may take shape.

Digital Asset Framework Act, ICO Discussions, and Securities Firms’ Exchange Acquisitions Move in Parallel

Alongside the stablecoin issue, Korea’s broader regulatory environment is also shifting quickly. According to an industry guide released by Tiger Research on April 9, major institutions are already moving to capture market position even before KRW stablecoin-related legislation is finalized. That is seen as an unusual development ahead of full-scale debate on the second-stage Digital Asset Framework Act.

Discussions on allowing ICOs are also gaining momentum. Earlier in March, the Financial Supervisory Service held a policy briefing with around 350 participants to discuss how to build a supervisory framework for permitting ICOs, which have been fully banned since 2017. The move suggests that the nearly nine-year ban could be approaching an inflection point.

At the same time, securities firms are reportedly advancing plans to acquire crypto exchanges. Korea Investment & Securities is said to be pursuing Coinone, while Mirae Asset is moving on Korbit. If these deals materialize, they could significantly reshape the structure of Korea’s digital asset market.

Market Data: Bitcoin Rebounds Above $75,000, Upbit Keeps Its Lead

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

In Korea’s KRW spot market, Upbit maintained a dominant position with an estimated 71.6% share, while Bithumb held second place at around 25%. In terms of real-name banking partnerships, Upbit works with KB Kookmin Bank, while Bithumb and Coinone partner with NH NongHyup Bank. Analysts say this helps explain why Circle and Tether focused heavily on KB Kookmin Bank and NH NongHyup Bank during their Korea visits.

Meanwhile, access to Binance’s app in Korea has been blocked since January 2026. As Korean investors face tighter limits on overseas exchange access, the influence of the country’s five major local exchanges appears to be growing further.

Takeaway: A Full-Scale Positioning Battle Is Emerging in a Regulatory Vacuum

Looking across last week’s developments, the defining theme was the competition to secure leadership in the stablecoin market. Circle and Tether’s near-simultaneous visits to Korea suggest a strategic effort to line up local banking partnerships before legislation on KRW stablecoins is passed.

Still, the market remains in a regulatory gray zone, meaning concrete outcomes are limited and most activity remains focused on exploration and positioning. With three major regulatory tracks moving at once—the second phase of digital asset legislation, a supervisory framework for ICOs, and potential acquisitions of exchanges by securities firms—the key question over the next several months will be how domestic financial institutions and exchanges choose to align themselves 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 reveals a timeline for the second phase of the Digital Asset Framework Act
• Progress in the Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition talks
• Whether the Financial Supervisory Service releases additional ICO supervision guidelines