South Korea’s Top Banks Deepen Stablecoin Push with Circle

- Top South Korean banks to meet Circle President in Seoul for stablecoin discussions. - Meetings signal growing institutional interest as crypto regulations advance. South Korea’s largest banks—KB Kookmin, Shinhan, Hana, and Woori—will meet with Heath Tarbert, president of the global financial technology firm Circle, during his visit to Seoul. The meetings will explore potential collaborations on stablecoin issuance, with topics including dollar-denominated stablecoins, international transaction solutions, and stablecoins pegged to the South Korean won. These talks occur as the nation transitions to a regulated cryptocurrency market. According to reports from Mitrade on August 17, 2025, and from AInvest and The Block on August 18, the planned discussions align with South Korea's wider initiative to institutionalize its crypto landscape. These meetings, which will occur both individually and possibly jointly, highlight the growing interest financial institutions have in adopting stablecoin technology. All four banks are independently pushing forward with stablecoin preparations. KB Financial Group has established a dedicated "Stablecoin Division" and a "Virtual Asset Response Council," and Shinhan Bank is conducting technological verifications for a KRW-pegged stablecoin payment system. Meanwhile, Hana Financial Group is evaluating the necessary infrastructure for domestic issuance, while Woori Bank has formed a "Digital Asset Team" and submitted a trademark application tied to its efforts. By engaging with Circle, the issuer of the globally recognized USD Coin (USDC), South Korea demonstrates its commitment to using blockchain-based stablecoin technologies for domestic and cross-border transactions, an initiative further fostered by pro-crypto policy shifts and supportive leadership. Moreover, regulatory progress is also underway, as the government expects to submit a stablecoin-focused bill to South Korea’s National Assembly by October 2025. The Bank of Korea previously expressed caution regarding stablecoin issuance, recommending that licensed banking institutions lead these efforts to minimize risks to financial stability. However, as South Korea advances its crypto regulations, this collaboration with a global leader like Circle positions the country to integrate stablecoins more deeply into its financial ecosystem. According to the latest market data, USD Coin (USDC) is trading at $1.00 as of 15:15 UTC on August 18, 2025. This price reflects a 0.003% change in its 24-hour trading volume.