Seoul:<Text>
The world's second-largest issuer of stablecoins, Circle Internet Group Inc., is contemplating the inclusion of won-backed stablecoins within its network, as revealed by the company's president, Heath Tarbert, during an interview with Yonhap News Agency on his inaugural visit to South Korea following the company's public offering in June.
According to Yonhap News Agency, Tarbert expressed Circle's openness to both issuing new stablecoins and collaborating with reputable issuers to integrate their stablecoins into Circle's network, ensuring they are interoperable and exchangeable with USDC. Stablecoins are cryptocurrencies whose value remains stable, typically pegged to real-world assets like the U.S. dollar. Circle's USDC ranks as the second-largest stablecoin by market capitalization, following USDT from Tether Inc.
Tarbert's four-day visit involves meetings with executives from South Korea's major financial groups, cryptocurrency exchanges, and fintech companies. He also engaged with Bank of Korea Governor Rhee Chang-yong to discuss the central bank's stance on stablecoins. Tarbert emphasized South Korea's strategic significance for Circle, citing its vibrant digital asset sector, skilled developers, and supportive government stance.
While acknowledging the strategic potential, Tarbert clarified that his visit's primary aim is to strengthen existing relationships, with no immediate plans for partnerships. He also addressed concerns from South Korean financial authorities about the potential risks of dollar-based stablecoins on the country's monetary sovereignty, stressing the need for balanced regulatory frameworks to foster innovation.
Circle intends to comply with South Korean regulations and is closely monitoring the Digital Assets Basic Act under consideration by the National Assembly. This proposed bill seeks to establish a legal framework for digital assets, with additional guidelines for stablecoins expecte d from the Financial Services Commission later this year.