[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back, Kicking Off a Full-Scale Battle for Won Stablecoin Dominance

The biggest development in Korea’s crypto sector last week (April 13–19) was the back-to-back visit of global stablecoin issuers Circle and Tether. With legislation for won-based stablecoins approaching, both companies moved at the same time to engage Korean banks and exchanges, signaling the start of a serious competition to secure leadership in Korea’s future stablecoin market.

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

The most closely watched event of the week was Circle founder and CEO Jeremy Allaire’s 24-hour visit to Korea 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 at Korea’s top five crypto exchanges, to discuss stablecoin partnerships and on-chain financial infrastructure.

During his visit, Allaire stressed the importance of a won stablecoin and shared several key positions:

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

Industry participants largely viewed the visit as exploratory rather than outcome-driven. While Korean firms sought to build global references through contact with Circle, many saw the discussions as limited to direction-finding under a regulatory vacuum where won stablecoin legislation has not yet been finalized.

Tether Also Visits Korea, Meets KB Financial and Coinone

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

The timing of the two visits suggests a strategic effort to lock in partnerships with major Korean financial institutions before won stablecoin legislation is passed. In particular, KB Kookmin Bank is said to have met both Circle and Tether, drawing attention to how future partnership lines may develop.

Digital Asset Framework Act, ICO Revival, and Securities Firms Buying Exchanges: Three Regulatory Tracks Move at Once

Alongside the stablecoin issue, Korea’s regulatory environment is being reshaped quickly. According to an industry guide published by Tiger Research on April 9, key institutions are already moving to secure early market positioning even before won stablecoin legislation is finalized. This is being viewed as an unusual development ahead of full-scale discussions on phase two of the Digital Asset Framework Act.

Talks around allowing ICOs are also gaining speed. In early March, the Financial Supervisory Service held a business briefing attended by roughly 350 participants and discussed how to build a supervisory framework for permitting ICOs, which have been fully banned since 2017. That raises the possibility that Korea’s nearly nine-year anti-ICO stance may be nearing a turning point.

Meanwhile, securities firms are also moving closer to acquiring crypto exchanges. Korea Investment & Securities is reportedly pursuing Coinone, while Mirae Asset is said to be working through procedures to acquire Korbit. If major securities firms complete these deals, the structure of Korea’s crypto industry could be significantly reshaped.

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

The market showed a rebound in the third week of April. As of April 17, Bitcoin stood at $75,152, up 4.72% from the previous week. This marks a recovery from $66,889 on April 3, when Bitcoin had posted a weekly decline of 2.77%, meaning the asset rebounded in roughly two weeks.

In Korea’s won-denominated market, Upbit maintained a commanding lead with about 71.6% market share. Bithumb remained in second place at around 25%. In terms of real-name account banking partnerships, Upbit works with KB Kookmin Bank, while Bithumb and Coinone are partnered with NH NongHyup Bank. Analysts say the fact that Circle and Tether both focused heavily on KB and NH during their Korea visits is likely related to this banking structure.

Meanwhile, domestic app access to Binance, the world’s largest global exchange, has been blocked since January 2026. As Korean investors face tighter access to offshore exchanges, the influence of the country’s top five domestic exchanges is continuing to grow.

Key Takeaway: Positioning Competition Intensifies During Regulatory Vacuum

Looking across last week’s developments, competition to secure leadership in the stablecoin market clearly emerged as the defining theme. The fact that Circle and Tether visited Korea at nearly the same time and met with domestic banks strongly suggests a strategic race to secure partnerships before won stablecoin legislation is enacted.

That said, Korea remains in a regulatory gray zone, and the market is still largely in an exploratory and positioning phase rather than one of concrete execution. With three regulatory tracks moving at once — phase two digital asset legislation, an ICO supervisory framework, and securities firm acquisitions of exchanges — the biggest question over the coming months will be how Korean 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 announces a timeline for phase two of the Digital Asset Framework Act
• Progress in the reported acquisition talks involving Korea Investment & Securities-Coinone and Mirae Asset-Korbit
• Whether the Financial Supervisory Service releases additional guidance on the ICO supervisory framework