[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back as Battle for KRW Stablecoin Leadership Heats Up

Last week (April 13–19), the biggest issue in Korea’s digital asset industry was the consecutive Korea visits by Circle and Tether, the two global stablecoin giants. Ahead of expected legislation for a KRW stablecoin, both companies moved simultaneously to court local banks and exchanges, suggesting that the competition to secure a leading position in Korea’s stablecoin market is now entering a serious new phase.

Circle CEO Jeremy Allaire Spends 24 Hours in Korea, Holds Back-to-Back Meetings with Banks and Exchanges

The most closely watched development last week was Circle founder and CEO Jeremy Allaire’s brief 24-hour visit to Korea from April 13 to 14. Despite the short schedule, Allaire met in succession with major commercial banks including KB Kookmin Bank and NH NongHyup Bank, as well as domestic fintech companies and executives at Korea’s five major crypto exchanges, to discuss partnerships related to stablecoins and on-chain financial infrastructure.

During the visit, Allaire emphasized the need for a KRW stablecoin and outlined the following positions:

• “A KRW 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 KRW stablecoin. 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 observers generally assessed the visit as more exploratory than outcome-driven. While Korean firms sought to build global references through contact with Circle, many noted that in the current regulatory vacuum—before KRW stablecoin legislation is finalized—discussions remained at the level of strategic direction rather than concrete execution.

Tether Also Visits Korea at the Same Time, Meeting 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, holding meetings with KB Financial Group and Coinone. This created a notable picture in which the two dominant issuers in the global stablecoin market were simultaneously approaching Korea’s banking sector.

The parallel visits are widely interpreted as preemptive moves to secure partnerships with major Korean financial institutions before a KRW stablecoin bill is passed. In particular, KB Kookmin Bank is said to have been in contact with both Circle and Tether, drawing attention to what future partnership structures may emerge.

Framework Act on Digital Assets, ICOs, and Securities Firms’ Exchange Acquisitions: Three Regulatory Tracks Move at Once

Alongside the stablecoin issue, Korea’s regulatory environment is also being reshaped quickly. According to an industry guide released by Tiger Research on April 9, major institutions are already moving to capture market position even before legislation related to KRW stablecoins is finalized. This is being viewed as an unusual development ahead of full-scale discussion of the second phase of the Framework Act on Digital Assets.

Discussions on allowing ICOs are also gaining momentum. In early March, the Financial Supervisory Service held a business briefing attended by around 350 participants and discussed plans to build a supervisory framework for permitting ICOs, which have been fully banned since 2017. This raises the possibility that the roughly nine-year policy stance against ICOs may be approaching a turning point.

Moves by securities firms to acquire crypto exchanges have also become more visible. Korea Investment & Securities is reportedly pursuing the acquisition of Coinone, while Mirae Asset is said to be proceeding with a deal for Korbit. If these acquisitions by major securities houses 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. That marks 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 market, Upbit maintained a commanding lead with about 71.6% market share. Bithumb held second place at roughly 25%. In terms of real-name account partnerships, Upbit works with KB Kookmin Bank, while Bithumb and Coinone use NH NongHyup Bank. Analysts say this helps explain why KB Kookmin Bank and NH NongHyup Bank were key contact points during the Korea visits by Circle and Tether.

Meanwhile, domestic access to the app of Binance, the world’s largest exchange, has been blocked since January 2026. As Korean investors face tighter restrictions in accessing overseas exchanges, the influence of the country’s five major domestic exchanges appears to be growing further.

Key Takeaway: A Full-Fledged Positioning Battle in a Regulatory Gap

Looking at last week as a whole, the race to secure leadership in the stablecoin market emerged as the central theme. The near-simultaneous visits by Circle and Tether and their outreach to Korean banks suggest strategic efforts to lock in partnerships before a KRW stablecoin bill is enacted.

That said, Korea remains in a regulatory gray zone, so the market still appears to be in an exploratory and positioning phase rather than one producing concrete outcomes. As three major regulatory tracks—the second phase of digital asset legislation, ICO supervision, and securities firms’ exchange acquisitions—move at the same time, the biggest question over the coming months will be how Korean 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 or Tether
• Whether the Financial Services Commission discloses a timetable for the second phase of the Framework Act on Digital Assets
• Progress in the Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition talks
• Whether the Financial Supervisory Service announces additional ICO supervisory guidelines