• Tether and Circle will meet South Korea’s top four bank CEOs to discuss stablecoin partnerships.
  • Talks focus on distributing US dollar stablecoins and issuing Korean won backed stablecoins.
  • South Korea is preparing new stablecoin regulations, pausing its digital won project.

Tether and Circle, the companies behind the world’s top stablecoins, are meeting with leaders from South Korea’s four biggest banks this week.

According to Yonhap News Agency, these talks will focus on possible partnerships. Including ways to distribute US dollar backed stablecoins like USDT and USDC in South Korea and creating new stablecoins tied to the Korean won. This comes as South Korea prepares new rules for stablecoins, expected to be introduced in October.

Big Banks and Stablecoin Plans

The meetings involve top executives from Shinhan Financial Group, Hana Financial Group, KB Financial Group, and Woori Bank, known as South Korea’s “Big Four” banks. Shinhan’s CEO Jin Ok dong and Hana’s CEO Ham Young joo are set to meet Circle’s President Heath Tarbert on Friday. With Ham also meeting a Tether official that day.

KB’s digital officer Lee Chang kwon and Woori’s President Jeong Jin wan are also planning to meet Tarbert. Though no date is confirmed. The discussions will explore how these banks can work with Tether and Circle to handle dollar based stablecoins and issue won based ones.

South Korea’s government paused its digital won project in June to focus on stablecoin rules, and banks like these are already preparing. For example, Kakao’s banking arm plans to join the stablecoin market. And some banks have filed trademarks for their own stablecoins.

These talks follow Tether and Circle’s meetings with global regulators. Including a US forum in March and Tether’s discussions in countries like El Salvador. South Korea’s new rules could shape how stablecoins grow in the country.