Tether, Circle to Meet South Korea’s Top Banking CEOs as Stablecoin Momentum Mounts
The post Tether, Circle to Meet South Korea’s Top Banking CEOs as Stablecoin Momentum Mounts appeared on BitcoinEthereumNews.com. In brief Executives from stablecoin issuers Circle and Tether are set to meet with top figures in some of South Korea’s biggest financial groups this week, according to reports in local media. The discussions will reportedly revolve around the potential distribution and use of dollar-pegged stablecoins in South Korea, as well as the issuance of won-backed stablecoins. South Korea’s ruling party and the opposition party have expressed differing opinions about how to regulate stablecoins. Following reports that South Korea is preparing to launch a legal framework for stablecoins in October, top executives from some of the country’s biggest financial groups are set to meet with executives from stablecoin giants Tether and Circle Internet Group this week. Tether issues USDT, while Circle issues USDC, the world’s two largest stablecoins by market capitalization. According to Korean news agency Yonhap, the executives will discuss the potential distribution and use of dollar-pegged stablecoins in South Korea. The meetings will also cover the issuance of stablecoins backed by the country’s currency, the won. The CEO of Shinhan Financial Group, Jin Ok-dong, and Hana Financial Group CEO Ham Young-joo are set to have separate meetings with Circle President Heath Tarbert on Friday. Ham is also reported to be meeting an unnamed official from Tether later on Friday. Meanwhile, KB Financial Group’s Chief Digital & Information Technology Officer Lee Chang-kwon and Woori Bank President Jeong Jin-wan are also said to be planning a meeting with Circle’s President, though an official date has not yet been set. Rajiv Sawhney, Head of International Portfolio Management at Wave Digital Assets International, thinks the development is an “interesting” one considering how South Korea’s regulators have treated crypto in the past. “Regulators there have historically blocked foreign institutions from registering and operating in the region,” he told Decrypt. “It’s a very domestic market,…
The post Tether, Circle to Meet South Korea’s Top Banking CEOs as Stablecoin Momentum Mounts appeared on BitcoinEthereumNews.com.
In brief Executives from stablecoin issuers Circle and Tether are set to meet with top figures in some of South Korea’s biggest financial groups this week, according to reports in local media. The discussions will reportedly revolve around the potential distribution and use of dollar-pegged stablecoins in South Korea, as well as the issuance of won-backed stablecoins. South Korea’s ruling party and the opposition party have expressed differing opinions about how to regulate stablecoins. Following reports that South Korea is preparing to launch a legal framework for stablecoins in October, top executives from some of the country’s biggest financial groups are set to meet with executives from stablecoin giants Tether and Circle Internet Group this week. Tether issues USDT, while Circle issues USDC, the world’s two largest stablecoins by market capitalization. According to Korean news agency Yonhap, the executives will discuss the potential distribution and use of dollar-pegged stablecoins in South Korea. The meetings will also cover the issuance of stablecoins backed by the country’s currency, the won. The CEO of Shinhan Financial Group, Jin Ok-dong, and Hana Financial Group CEO Ham Young-joo are set to have separate meetings with Circle President Heath Tarbert on Friday. Ham is also reported to be meeting an unnamed official from Tether later on Friday. Meanwhile, KB Financial Group’s Chief Digital & Information Technology Officer Lee Chang-kwon and Woori Bank President Jeong Jin-wan are also said to be planning a meeting with Circle’s President, though an official date has not yet been set. Rajiv Sawhney, Head of International Portfolio Management at Wave Digital Assets International, thinks the development is an “interesting” one considering how South Korea’s regulators have treated crypto in the past. “Regulators there have historically blocked foreign institutions from registering and operating in the region,” he told Decrypt. “It’s a very domestic market,…
What's Your Reaction?
