SEOUL, Aug. 21 (Yonhap) — Top executives of South Korea’s four major financial groups are set to meet this week with top officials from the world’s two largest stablecoin issuers — Tether Ltd. and Circle Internet Group Inc., industry officials said Thursday.
The scheduled meetings as the South Korean groups are seeking entry into the crypto and stablecoin markets, in line with the pro-crypto administration of President Lee Jae Myung, who had vowed to create a won-based stablecoin market during his presidential campaign.
Stablecoins are a type of cryptocurrency whose value is designed to be stable, usually being pegged to real-world assets, such as the U.S. dollar.
The El Salvador-based Tether issues the stablecoin USDT and the New York-based Circle issues the stablecoin USDC.
A rendered image of stablecoins (Yonhap)
According to the officials, Shinhan Financial Group Chief Executive Officer (CEO) Jin Ok-dong and Hana Financial Group CEO Ham Young-joo have each scheduled separate meetings with Circle President Heath Tarbert to be held Friday.
Ham is also said to be meeting an official from Tether later Friday.
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 Tarbert, though the exact details have not been confirmed.
The banking heads are expected to discuss areas of partnership, including the distribution and transactions of dollar-pegged stablecoins in South Korea, as well as the issuance of won-backed stablecoins.
fairydust@yna.co.kr
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