Stablecoin Titans Tether & Circle to Meet South Korea’s ‘Big Four’ Banks

- Tether and Circle to meet South Korea’s top four banks on August 21. - Discussions to focus on won- and dollar-backed stablecoins under new regulations. On August 21, 2025, Cointelegraph reported that leading stablecoin issuers Tether and Circle will meet with executives from South Korea's top four financial institutions. The talks will reportedly explore partnerships for issuing and distributing stablecoins backed by the Korean won and the U.S. dollar, an initiative that aligns with South Korea's forthcoming regulatory framework under the second phase of the Virtual Asset User Protection Act. The participating banks—Shinhan Financial Group, Hana Financial Group, KB Financial Group, and Woori Bank—hold significant influence in South Korea’s financial ecosystem. Circle President Heath Tarbert will meet with the CEOs of Shinhan and Hana, while Tether executives will also meet Hana’s CEO. The stablecoin issuers will conclude the discussions with meetings involving KB Financial Group’s Chief Technology Officer and Woori Bank’s president. This move follows South Korea's recent decision to halt its central bank digital currency (CBDC) trials, opting instead to support privately-issued stablecoins backed by the Korean won. As a result, the Financial Services Commission is actively preparing regulatory measures to govern these digital assets, signaling a strategic pivot in the nation's approach from CBDCs to stablecoins. Globally, this meeting illustrates a broader trend of stablecoin providers collaborating with regulators to align blockchain applications with the needs of the financial sector. In addition, both Tether and Circle maintain ongoing dialogues with U.S. regulators and have formed agreements with other governments to expand blockchain's use cases within their financial ecosystems. According to CoinMarketCap data on August 21, market performance for both stablecoins remained stable. At 15:08 UTC, Tether (USDT) was trading at $1, with its 24-hour volume showing a minor change of -0.018%. Similarly, USD Coin (USDC) held its peg at $1, recording a -0.012% change in its 24-hour volume.