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

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

The most closely watched development last week was the 24-hour Korea visit 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, local fintech companies, and executives from the country’s top five crypto exchanges to discuss stablecoin and on-chain financial infrastructure partnerships.

During his visit, Allaire stressed the importance of a KRW stablecoin and made the following 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 directly issue a KRW stablecoin. Korean financial institutions should lead that effort."
• "If Korean regulations become clear, Circle will establish a local office and formally enter the market."
• "We are also reviewing investment opportunities in Korean startups and venture capital."

Industry observers largely viewed the trip as exploratory rather than execution-driven. While Korean firms appeared eager to build global references through contact with Circle, many noted that the lack of finalized legislation for KRW stablecoins kept discussions at the level of market positioning rather than concrete outcomes.

Tether Also Visits Korea, Meets KB Financial Group 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 for meetings with KB Financial Group, Coinone, and others. This created a notable dynamic in which the two dominant global stablecoin issuers simultaneously approached Korea’s banking sector.

The dual visits are widely interpreted as a preemptive move to secure partnerships with major Korean financial institutions ahead of the passage of KRW stablecoin legislation. In particular, KB Kookmin Bank is said to have been in contact with both Circle and Tether, drawing attention to how future partnership alignments may take shape.

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

Alongside the stablecoin issue, Korea’s domestic regulatory environment is being reshaped at a rapid pace. According to an industry guide released by Tiger Research on April 9, major institutions are already moving to secure early positions even before KRW stablecoin-related legislation is finalized. This is seen as an unusual development ahead of full-scale discussions on the second phase of the Digital Asset Framework 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 a supervisory framework that could permit ICOs, which have been broadly banned since 2017. The nearly nine-year policy stance against ICOs may now be approaching a turning point.

Meanwhile, securities firms are making visible moves to acquire crypto exchanges. Korea Investment & Securities is reportedly pursuing Coinone, while Mirae Asset is said to be moving ahead with an acquisition of Korbit. If major securities firms complete these deals, the structure of Korea’s digital asset market could be significantly reshaped.

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

The market showed a rebound in the third week of April. Bitcoin stood at $75,152 as of April 17, up 4.72% from the previous week. This marked a recovery in 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 its dominant position with roughly 71.6% market share. Bithumb held second place at around 25%. In terms of real-name account banking partners, 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 their outreach on KB and NH during their Korea visits.

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

Key Takeaway: A Full-Fledged Positioning Race Has Begun in a Regulatory Vacuum

Looking across last week’s developments, the competition to secure early leadership in the stablecoin market emerged as the central theme. Circle and Tether’s near-simultaneous visits to Korea and outreach to local banks suggest a strategic effort to lock in partnerships before KRW stablecoin legislation is enacted.

That said, Korea remains in a regulatory gray zone, so the market is still largely in an exploratory and positioning phase rather than one of concrete execution. With three major regulatory tracks moving in parallel — the second-stage Digital Asset Framework Act, an ICO supervisory framework, and exchange acquisitions by securities firms — how domestic financial institutions and exchanges align with global players is likely to become one of the industry’s key storylines in the months ahead.

What to Watch Next Week

• Follow-up discussions between Circle and Tether with KB Kookmin Bank and NH NongHyup Bank
• Whether the Financial Services Commission will reveal a timeline for the second phase of digital asset legislation
• Progress in the reported acquisition talks involving Korea Investment & Securities-Coinone and Mirae Asset-Korbit
• Whether the Financial Supervisory Service will issue additional ICO supervisory guidelines