BlockBeats news: On April 15, Circle CEO Jeremy Allaire stated that Circle currently has no plans to launch a Korean won (KRW)-pegged stablecoin, but is closely monitoring legislative developments in the South Korean National Assembly regarding stablecoin regulation. If South Korea establishes clear legal pathways for global companies, Circle is willing to apply for a license and set up a branch in the country.
Faced with a regulatory impasse in Korea—where lawmakers favor allowing tech companies to issue stablecoins, while the banking sector and the Bank of Korea advocate for exclusive bank issuance—Circle has chosen not to directly issue a Korean won stablecoin. Instead, it plans to provide technical support to Korean banks and crypto companies to help them launch stablecoins once approved. Allaire has met with senior executives from several major Korean banks and crypto firms, and held separate meetings with Coinone’s leadership.
Circle will continue to actively capitalize on the thriving opportunities in Korea’s crypto ecosystem, generating revenue from the Korean market through its existing USDC business and technology services, while awaiting regulatory clarity.