South Korea’s biggest banks are getting serious about stablecoins. They’re in talks with two major players in the stablecoin world: Tether (USDT) and Circle (USDC).
Major Banks Eyeing Stablecoin Partnerships
According to YonHap news agency, top executives from four huge South Korean financial groups are meeting with Tether and Circle this week. This isn’t just small talk; they’re exploring partnerships to bring stablecoins to the South Korean market.
What are Stablecoins?
Stablecoins are cryptocurrencies designed to hold a steady value, usually pegged to a national currency like the US dollar. Unlike Bitcoin, their prices don’t swing wildly.
A Pro-Crypto Push
South Korea’s pro-crypto President, Lee Jae Myung, has been pushing for digital assets and stablecoins. He even promised to create a market for stablecoins backed by the Korean won. The country’s financial regulator is expected to release its stablecoin rules in October.
The Meetings
Shinhan and Hana Financial Groups’ CEOs are meeting with Circle’s president, Heath Tarbert. KB Financial Group and Woori Bank are also involved, though details are scarce. They’ll likely discuss distributing dollar-pegged stablecoins and even creating won-backed ones.
Asia’s Stablecoin Scene
Hong Kong recently introduced its stablecoin regulations, and big players are already lining up for licenses.
Other Stablecoin News
Interestingly, there’s been a huge amount of USDT activity on the Tron network, with massive transactions suggesting institutional investors are on the move.
Bitcoin Update
Bitcoin’s price dipped below $112,000 earlier, but it’s slightly recovered to around $113,700.