[Inside Korea Crypto] Circle and Tether Visit Korea Back-to-Back, Intensifying the Race for Leadership in KRW Stablecoins

Last week (April 13–19), the biggest issue in Korea’s digital asset industry was the consecutive visits by Circle and Tether, the global 'big two' stablecoin issuers. With legislation for KRW stablecoins on the horizon, both companies simultaneously targeted Korean banks and exchanges, signaling that competition to secure an early lead in the Korean stablecoin market is now entering full swing.

Circle CEO Jeremy Allaire Makes a 24-Hour Korea Visit, Holding Back-to-Back Meetings with Banks and Exchanges

The most closely watched development last week was the 24-hour Korea visit (April 13–14) by Circle founder and CEO Jeremy Allaire. 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 firms and executives from Korea’s five major crypto exchanges, to discuss partnerships related to stablecoins and on-chain financial infrastructure.

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

• "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 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 formally enter the market."
• "We are also reviewing opportunities to invest in Korean startups and venture capital."

Industry participants largely viewed the visit as more exploratory than outcome-driven. While Korean firms hoped to secure a global reference point through engagement with Circle, many noted that the meetings remained focused on navigating direction in a regulatory vacuum, as KRW stablecoin legislation has yet to be finalized.

Tether Also Visits Korea Around 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 during a similar period, holding meetings with KB Financial Group and Coinone. This created a rare dynamic in which the two dominant players in the global stablecoin market were simultaneously courting Korea’s banking sector.

The overlapping visits are widely interpreted as a strategic move to secure partnerships with major Korean financial institutions before the passage of KRW stablecoin legislation. In particular, KB Kookmin Bank is reportedly one of the few institutions that engaged with both Circle and Tether, drawing market attention to what future partnership structures might emerge.

Digital Asset Basic Act, ICOs, and Brokerage Acquisitions of Exchanges: Three Regulatory Axes Move at Once

Alongside the stablecoin issue, Korea’s regulatory environment is being reshaped at a rapid pace. According to an industry guide released by Tiger Research on April 9, major institutions have already begun positioning themselves in the market even before KRW stablecoin-related legislation is finalized. This is seen as an unusual development ahead of full-scale discussions on phase two of the Digital Asset Basic Act.

Debate over allowing ICOs is also gaining momentum. Earlier in March, the Financial Supervisory Service held a briefing session attended by roughly 350 participants and discussed how to build a regulatory oversight framework for permitting ICOs, which have been fully banned since 2017. This has raised the possibility of a turning point in the nearly nine-year policy stance against ICOs.

At the same time, securities firms are beginning to move more visibly toward acquiring crypto exchanges. Korea Investment & Securities is reportedly pursuing the acquisition of Coinone, while Mirae Asset is said to be moving ahead with a deal involving Korbit. If completed, such acquisitions by major brokerages could significantly reshape the structure of Korea’s digital asset market.

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

The market turned upward in the third week of April. As of April 17, Bitcoin stood at $75,152, up 4.72% from the previous week. This marked a rebound in roughly two weeks from the $66,889 level recorded on April 3, when the asset had been down 2.77% week over week.

In Korea’s KRW trading market, Upbit maintained its dominant position with an estimated 71.6% market share. Bithumb held onto second place at around 25%. In terms of exchange banking partners, Upbit works with KB Kookmin Bank for real-name accounts, while Bithumb and Coinone partner with NH Nonghyup Bank. This helps explain why KB Kookmin Bank and NH Nonghyup Bank were key points of contact during the Korea visits by Circle and Tether.

Meanwhile, domestic access to the global exchange Binance app has been blocked since January 2026. As Korean investors face tighter constraints in accessing offshore platforms, the influence of the country’s five major domestic exchanges continues to grow.

Key Takeaway: Positioning Competition Intensifies Amid a Regulatory Vacuum

Looking at the week as a whole, the race to secure leadership in the stablecoin market emerged as the defining theme. The near-simultaneous Korea visits by Circle and Tether, and their outreach to domestic banks, suggest a deliberate effort to lock in partnerships before KRW stablecoin legislation is officially passed.

That said, the Korean market is still operating in a regulatory gray zone, meaning the current phase is seen less as one of concrete execution and more as one of exploration and positioning. With three major regulatory tracks moving at once—phase two of the Digital Asset Basic Act, an ICO oversight framework, and brokerage acquisitions of exchanges—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, Circle, and Tether
• Whether the Financial Services Commission will disclose a legislative timeline for phase two of the Digital Asset Basic Act
• Progress on Korea Investment & Securities–Coinone and Mirae Asset–Korbit acquisition talks
• Whether the Financial Supervisory Service will release additional ICO oversight guidelines