South Korea’s Four Major Banks Accelerate Stablecoin Issuance Plans, Set to Meet with Circle

According to a report by Jinse Finance citing Yonhap News Agency, South Korea’s four major banks—KB Kookmin Bank, Shinhan Bank, Hana Bank, and Woori Bank—are accelerating preparations for stablecoin issuance. These banks plan to meet with Heath Tarbert, CEO of Circle (the issuer of the USDC stablecoin), this month to discuss cooperation on the circulation of US dollar stablecoins in South Korea, international remittances, and the issuance of Korean won stablecoins. In addition, KB Financial Group has upgraded its “Stablecoin Task Force” to a permanent organization, Shinhan Bank is advancing the development of a Korean won stablecoin payment system, Hana Financial Group is actively analyzing relevant regulations and business models, and Woori Bank has launched a digital asset team and begun trademark application work.