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

The biggest development in Korea’s digital asset industry last week (April 13–19) was the back-to-back visit of the world’s two leading stablecoin issuers, Circle and Tether. With legislation for a Korean won-backed stablecoin still pending, both companies moved at the same time to court local banks and crypto exchanges, underscoring intensifying competition to gain an early foothold in Korea’s future stablecoin market.

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

The most closely watched event of the week was the 24-hour Korea visit by Circle founder and CEO Jeremy Allaire on April 13–14. Despite the short schedule, Allaire met in succession with major commercial banks including KB Kookmin Bank and NH Nonghyup Bank, local fintech firms, and executives at Korea’s five major virtual asset exchanges to discuss partnerships around stablecoins and on-chain financial infrastructure.

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

• “A KRW stablecoin is essential if the Korean economy is not to be 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 regulations become clear, Circle will establish a local entity and formally enter the Korean market.”
• “We are also reviewing opportunities to invest in Korean startups and venture capital.”

Industry observers largely viewed the visit as exploratory rather than outcome-driven. While domestic firms sought to gain a global reference point through meetings with Circle, many in the market noted that discussions remained limited to directional exploration given the regulatory vacuum surrounding KRW stablecoin legislation.

Tether Also Visits Korea Around the Same Time, Meets 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 scenario in which the two dominant global stablecoin issuers were simultaneously engaging Korea’s financial sector.

The parallel visits are widely interpreted as preemptive moves to secure partnerships with key Korean financial institutions before passage of KRW stablecoin legislation. In particular, KB Kookmin Bank is said to have had contact with both Circle and Tether, drawing attention to how future partnership lines may develop.

Digital Asset Basic Act, ICO Revival, and Brokerage Acquisitions of Exchanges: Three Regulatory Tracks Move at Once

At the same time, Korea’s regulatory environment is being rapidly reshaped alongside the stablecoin issue. According to an industry guide released by Tiger Research on April 9, major institutions are already positioning themselves for market leadership even before KRW stablecoin legislation is finalized. This is seen as an unusual development ahead of full-scale debate over 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 attended by about 350 participants to discuss how to build a supervisory framework for permitting ICOs, which have been completely banned since 2017. The nearly nine-year ban 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 forward with an acquisition process for Korbit. If such deals are completed, they could significantly reshape the structure of Korea’s digital asset market.

Market Data: Bitcoin Rises Above $75,000, Upbit Maintains Dominance

The market rebounded 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 recovery from $66,889 on April 3, when it had fallen 2.77% week-over-week, meaning Bitcoin regained upward momentum in roughly two weeks.

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

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

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

Taken together, last week’s developments show that competition to secure leadership in Korea’s future stablecoin market has become the central theme. The near-simultaneous visits by Circle and Tether and their outreach to Korean banks suggest a strategic effort to lock in partnerships before KRW 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 major regulatory tracks moving at once—the second-stage Digital Asset Basic Act, an ICO supervisory framework, and brokerage acquisitions of exchanges—the way domestic financial institutions and exchanges align with global players is likely to be one of the most important industry watchpoints in the coming months.

What to Watch Next Week

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