[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back, Intensifying the Battle for Leadership in KRW Stablecoins

Circle CEO Jeremy Allaire’s 24-Hour Korea Visit Includes Meetings with Banks and Exchanges

The most closely watched development last week was the 24-hour visit to Korea by Circle founder and CEO Jeremy Allaire 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 companies and executives from Korea’s five major crypto exchanges, to discuss partnerships related to stablecoins and on-chain financial infrastructure.

During his visit, Allaire emphasized the importance of a KRW stablecoin and expressed the following views:

• “A KRW stablecoin is essential if the Korean economy is to avoid being left behind in 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 officially enter the market.”
• “We are also reviewing investment opportunities in Korean startups and venture capital.”

Industry observers largely viewed the visit as exploratory rather than outcome-driven. While domestic firms hoped engagement with Circle would provide valuable global references, many noted that the absence of finalized legislation for KRW stablecoins limited discussions to broad strategic positioning rather than concrete execution.

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

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

The near-simultaneous visits are being interpreted as strategic efforts to lock in partnerships with major domestic financial institutions ahead of the passage of KRW stablecoin legislation. In particular, KB Kookmin Bank is reported to have engaged with both Circle and Tether, drawing close attention to how future partnerships may take shape.

Digital Asset Basic Act, ICOs, and Securities Firms’ Exchange Acquisitions: Three Regulatory Tracks Moving at Once

Alongside the stablecoin issue, Korea’s regulatory environment is also being rapidly reshaped. According to an industry guide published by Tiger Research on April 9, major institutions are already moving to preemptively secure market positioning even before KRW stablecoin-related legislation is finalized. This is being viewed as an unusual development ahead of full-scale discussions on the second phase of the Digital Asset Basic Act.

Discussions on allowing ICOs are 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 enable ICOs, which were fully banned in 2017. This raises the possibility that Korea’s roughly nine-year ban on ICOs may be approaching a turning point.

Meanwhile, securities firms are beginning to make visible moves to acquire crypto exchanges. Korea Investment & Securities is reportedly pursuing Coinone, while Mirae Asset is said to be moving forward with the acquisition of Korbit. If completed, such acquisitions by major securities firms could significantly reshape the structure of Korea’s crypto market.

Market Data: Bitcoin Reclaims $75K, 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 roughly two weeks from $66,889 on April 3, when it had posted a weekly decline of 2.77%.

In Korea’s KRW market, Upbit maintained a commanding lead with about 71.6% market share. Bithumb remained in second place at around 25%. In terms of exchange banking partnerships, Upbit works with KB Kookmin Bank, while Bithumb and Coinone use NH NongHyup Bank for real-name account services. Analysts note that Circle and Tether’s focus on KB Kookmin Bank and NH NongHyup Bank during their Korea visits is likely tied to this real-name banking structure.

Meanwhile, domestic app access to Binance, the world’s largest crypto exchange, has been blocked since January 2026. As Korean investors face tighter constraints in accessing overseas exchanges, the influence of Korea’s five major domestic exchanges continues to grow.

Key Takeaway: Positioning Competition Intensifies Amid Regulatory Uncertainty

Overall, last week underscored that competition to secure leadership in the stablecoin market has become the defining theme. Circle and Tether’s near-simultaneous visits to Korea and outreach to local banks appear to be strategic moves aimed at securing partnerships before the passage of KRW stablecoin legislation.

That said, Korea remains in a regulatory grey zone, meaning that most developments are still at the stage of exploration and positioning rather than concrete execution. 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 domestic financial institutions and exchanges choose to align with global players.

What to Watch Next Week

• Follow-up discussions between Circle, Tether, KB Kookmin Bank, and NH NongHyup Bank
• Whether the Financial Services Commission will disclose a timeline for phase-two Digital Asset Basic Act legislation
• Progress in the reported acquisition processes involving Korea Investment & Securities-Coinone and Mirae Asset-Korbit
• Whether the Financial Supervisory Service will announce additional ICO supervisory guidelines