[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back, Kicking Off the Battle for Leadership in the KRW Stablecoin Market

Last week (April 13–19), the biggest issue in Korea’s digital asset industry was the back-to-back visit of Circle and Tether, the world’s two leading stablecoin issuers. With KRW stablecoin legislation still pending, both firms appear to be racing to secure early partnerships with Korean banks and exchanges, signaling the beginning of a broader competition for influence in the local stablecoin market.

Circle CEO Jeremy Allaire Makes 24-Hour Korea Trip, Meets Banks and Exchanges

The most closely watched development last week was Circle founder and CEO Jeremy Allaire’s 24-hour visit to Korea on April 13–14. Despite the short schedule, Allaire reportedly held successive meetings with major commercial banks including KB Kookmin Bank and NH Nonghyup Bank, as well as domestic fintech firms and executives from Korea’s five major crypto exchanges, to discuss potential partnerships around stablecoins and on-chain financial infrastructure.

During the visit, Allaire emphasized the importance of a KRW stablecoin and shared several key positions:

• “A KRW stablecoin is essential if the Korean economy does not want to be left behind in the future digital economy.”
• “Circle has no plan to issue a KRW stablecoin directly. Korean financial institutions should take the lead.”
• “Once Korean regulations become clearer, Circle plans to establish a local entity and formally enter the market.”
• “The company is 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 believed discussions remained at the level of strategic direction because the legal framework for KRW stablecoins has not yet been finalized.

Tether Also Visits Korea, Holds Meetings with 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 period, meeting with KB Financial Group and Coinone. This suggests that both dominant players in the global stablecoin market are now actively courting Korean financial institutions at the same time.

The dual visits are widely interpreted as preemptive moves to secure partnerships before Korea passes legislation related to KRW stablecoins. In particular, KB Kookmin Bank is said to have been in contact with both Circle and Tether, drawing attention to how future alliances may take shape.

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

Alongside the stablecoin issue, Korea’s broader regulatory environment is also shifting rapidly. According to an industry guide published by Tiger Research on April 9, major institutions have already begun seeking first-mover advantage even before KRW stablecoin legislation is finalized. This is viewed as an unusual development ahead of the formal push for phase-two legislation under the Digital Asset Framework Act.

Discussions around 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 a supervisory framework could be built for ICOs, which have been fully banned since 2017. This raises the possibility that Korea’s roughly nine-year ban on ICOs could reach a turning point.

Meanwhile, securities firms are moving more visibly toward acquiring crypto exchanges. Korea Investment & Securities is reportedly pursuing Coinone, while Mirae Asset is said to be in the process of acquiring Korbit. If these deals are completed, they could significantly reshape the structure of Korea’s digital asset market.

Market Data: Bitcoin Reclaims $75,000, 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 from $66,889 on April 3, when the asset had posted a weekly decline of 2.77%, suggesting a recovery within roughly two weeks.

In Korea’s KRW market, Upbit maintained an overwhelming lead with approximately 71.6% market share, while Bithumb held second place at around 25%. In terms of real-name account partnerships, Upbit works with KB Kookmin Bank, while Bithumb and Coinone partner with NH Nonghyup Bank. Analysts say this banking structure helps explain why both KB Kookmin Bank and NH Nonghyup Bank were key targets during Circle and Tether’s visits.

Meanwhile, access to Binance’s app in Korea has been blocked since January 2026. As Korean investors face increasing limits in accessing offshore exchanges, the influence of the country’s top five domestic exchanges appears to be strengthening further.

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

Looking at the week as a whole, the emerging battle for leadership in the stablecoin market has become the central theme. Circle and Tether’s nearly simultaneous visits to Korea indicate a strategic effort to secure local banking and exchange partnerships ahead of formal legislation on KRW stablecoins.

That said, Korea still remains in a regulatory gray zone, and the market appears to be in an exploration and positioning phase rather than one of concrete execution. With three major regulatory tracks moving in parallel—the second phase of the Digital Asset Framework Act, an ICO supervisory system, and securities firms’ acquisition of exchanges—the key question over the coming months will be how Korean financial institutions and exchanges align themselves with global players.

What to Watch Next Week

• Follow-up talks between KB Kookmin Bank, NH Nonghyup Bank, Circle, and Tether
• Whether the Financial Services Commission will release a timeline for phase-two Digital Asset Framework Act legislation
• Progress on Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition efforts
• Whether the Financial Supervisory Service will announce additional ICO supervisory guidelines