[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back, Intensifying the Race for KRW Stablecoin Dominance

The biggest issue in South Korea’s crypto industry last week (April 13–19) was the back-to-back visits of Circle and Tether, the world’s two leading stablecoin issuers. With legislation for KRW-denominated stablecoins approaching, both companies moved at the same time to engage local banks and crypto exchanges, signaling the start of a full-scale race to secure leadership in Korea’s stablecoin market.

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

The most closely watched development was Circle founder and CEO Jeremy Allaire’s 24-hour trip to Korea on April 13–14. Despite the short schedule, Allaire reportedly met with major commercial banks including KB Kookmin Bank and NH Nonghyup Bank, as well as domestic fintech firms and executives from Korea’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 delivered several key messages:

• “A KRW stablecoin is essential if Korea wants to avoid being left behind in the future digital economy.”
• “Circle has no plan to directly issue a KRW stablecoin. It should be led by Korean financial institutions.”
• “Once Korean regulations become clear, Circle will establish a local office and officially enter the market.”
• “We are also reviewing investment opportunities in Korean startups and venture capital.”

Industry participants generally viewed the visit as more exploratory than transactional. Domestic firms sought to gain global reference points through engagement with Circle, but with KRW stablecoin legislation still incomplete, discussions largely remained at the level of strategic positioning rather than concrete execution.

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 time, meeting with KB Financial Group and Coinone among others. This created a notable situation in which the two dominant players in the global stablecoin market were simultaneously courting Korean financial institutions.

Their overlapping visits are widely interpreted as preemptive efforts to secure partnerships with key local institutions before KRW stablecoin legislation is finalized. In particular, KB Kookmin Bank is said to have been in contact with both Circle and Tether, drawing market attention to how future partnerships may take shape.

Three Regulatory Tracks Move at Once: Digital Asset Framework Act, ICOs, and Brokerage Acquisition of Exchanges

Alongside the stablecoin story, Korea’s regulatory landscape is also shifting rapidly. According to an industry guide released by Tiger Research on April 9, major institutions are already moving to capture market share even before KRW stablecoin legislation is finalized. This is considered an unusual development ahead of the full-scale discussion of phase-two legislation under the Digital Asset Basic Act.

Debate over allowing ICOs is also gaining momentum. Earlier in March, the Financial Supervisory Service held a policy briefing attended by roughly 350 participants to discuss building a supervisory framework for permitting ICOs, which have been banned across the board since 2017. That raises the possibility that Korea’s nearly nine-year freeze on ICOs could be nearing a turning point.

Meanwhile, brokerage firms are also moving to acquire crypto exchanges. 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 significantly reshape the structure of Korea’s digital asset market.

Market Data: Bitcoin Reclaims $75K, 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 Bitcoin had posted a weekly decline of 2.77%.

In Korea’s KRW spot market, Upbit maintained a commanding lead with approximately 71.6% market share, while Bithumb held second place at around 25%. In terms of banking partnerships, Upbit works with KB Kookmin Bank, while Bithumb and Coinone use NH Nonghyup Bank for real-name account services. Analysts note that the heavy focus on KB Kookmin Bank and NH Nonghyup Bank during the Circle and Tether visits is closely tied to this exchange-banking structure.

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

Key Takeaway: Positioning Competition Deepens During the Regulatory Gap

Taking last week’s developments together, one theme clearly stood out: competition to gain first-mover advantage in Korea’s stablecoin market is accelerating. The near-simultaneous Korea visits by Circle and Tether suggest a deliberate effort to secure local partnerships before KRW stablecoin legislation is passed.

At the same time, Korea remains in a regulatory gray zone, meaning that most activity is still focused on exploration and positioning rather than immediate commercialization. With three parallel tracks now moving at once—phase-two digital asset legislation, an ICO supervisory framework, and brokerage acquisition of crypto exchanges—the biggest question over the coming months will be how Korean financial firms and exchanges choose to align with global players.

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 timeline for phase-two Digital Asset Basic Act legislation
• Progress updates on Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition talks
• Whether the Financial Supervisory Service releases further guidance on its ICO supervisory framework