Seoul: 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 meetings come as the South Korean groups aim to enter the crypto and stablecoin markets, aligning with President Lee Jae Myung's pro-crypto administration, which has promised to establish a won-based stablecoin market.
According to Yonhap News Agency, 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 expected to meet with an official from Tether later on the same day. Meanwhile, KB Financial Group's Chief Digital and Information Technology Officer Lee Chang-kwon and Woori Bank President Jeong Jin-wan are also planning a meeting with Tarbert, although the exact details of their meeting have not been confirmed.
The discussions between the financial heads and stablecoin issuers are anticipated to explore areas of partnership, including the distribution and transactions of dollar-pegged stablecoins in South Korea, as well as the potential issuance of won-backed stablecoins. The move signifies a significant step towards embracing digital currencies in the South Korean financial sector.