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

Last week (April 13–19), the biggest development in Korea’s digital asset industry was the consecutive visit of Circle and Tether, the world’s two leading stablecoin issuers. With legislation for a won-based stablecoin drawing closer, both firms are actively engaging domestic banks and exchanges, signaling an intensifying competition to secure early leadership in Korea’s stablecoin market.

Circle CEO Jeremy Allaire Makes 24-Hour Korea Trip, Holds Back-to-Back 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, along with local fintech companies and executives from the country’s top five crypto exchanges, to discuss partnerships around stablecoins and on-chain financial infrastructure.

During his visit, Allaire emphasized the importance of a won-denominated stablecoin and shared the following views:

• “A KRW stablecoin is essential if the Korean economy does not want to be left behind in the future digital economic order.”
• “Circle has no plan to issue a KRW stablecoin directly. It should be led by Korean financial institutions.”
• “Once Korean regulations become clear, Circle will establish a local entity and officially enter the market.”
• “We are also reviewing opportunities to invest in Korean startups and venture capital.”

Industry participants generally viewed the visit as more exploratory than result-driven. While Korean firms sought to gain global reference points through engagement with Circle, many believed discussions remained at the level of strategic positioning due to the current regulatory vacuum around won stablecoin legalization.

Tether Also Visits Korea Around the Same Time, Meets KB Financial and Coinone

Following Circle’s visit, 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 and Coinone. This created a notable situation in which the two dominant global stablecoin issuers were simultaneously courting Korea’s banking sector.

The timing suggests both companies are attempting to secure partnerships with key domestic financial institutions before a won stablecoin bill is passed. KB Kookmin Bank, in particular, is reported to have met with both Circle and Tether, drawing attention to how future partnership lines 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 regulatory environment is also being reshaped at speed. According to an industry guide published by Tiger Research on April 9, major institutions are already moving to secure an early foothold even before won stablecoin legislation is finalized. This is seen as an unusual development ahead of full-scale discussions on the second-stage Digital Asset Framework Act.

Debate over allowing ICOs is also gaining momentum. In early March, the Financial Supervisory Service held a briefing attended by around 350 participants to discuss how to build a supervisory framework for permitting ICOs, which have been fully banned since 2017. This raises the possibility that Korea’s roughly nine-year prohibition on ICOs could be approaching a turning point.

Meanwhile, moves by securities firms to acquire crypto exchanges are becoming more visible. Korea Investment & Securities is reportedly pursuing Coinone, while Mirae Asset is said to be moving forward with an acquisition of Korbit. If completed, such deals could materially reshape the structure of Korea’s digital asset market.

Market Data: Bitcoin Reclaims $75K, Upbit’s Dominance Continues

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 marks a rebound in roughly two weeks from $66,889 on April 3, when it had fallen 2.77% week over week.

In Korea’s KRW market, Upbit maintained a commanding lead 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. Industry observers note that the strong focus on KB and NH during the visits by Circle and Tether is closely tied to this exchange-banking structure.

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

Key Takeaway: A Full-Scale Positioning Battle During the Regulatory Gap

Looking at the week as a whole, competition to secure leadership in the stablecoin market emerged as the central theme. Circle and Tether’s near-simultaneous visits to Korea and their outreach to local banks appear to be strategic efforts to lock in partnerships before won stablecoin legislation is enacted.

That said, Korea remains in a regulatory gray zone, meaning concrete outcomes are still limited and the market is largely in a phase of exploration and positioning. With three regulatory tracks moving in parallel—the second-stage Digital Asset Framework Act, ICO supervision, and securities firms’ exchange acquisitions—how Korean financial institutions and exchanges choose to align with global players is likely to become one of the industry’s most important questions 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 reveals a timetable for second-stage digital asset legislation
• Progress on Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition talks
• Whether the Financial Supervisory Service releases additional ICO supervisory guidelines