Circle proposes to South Korean financial authorities to issue a USD stablecoin instead of a KRW stablecoin

ChainCatcher reported that Circle has proposed to the South Korean financial authorities to issue a US dollar stablecoin, rather than a Korean won stablecoin. Circle President Heath Tarbert, during meetings with top executives from the country's four major financial institutions, stated: "We have no intention to cooperate on a Korean won stablecoin," and introduced the US dollar stablecoin issued by Circle, while also putting forward a cooperation proposal.

The four major financial institutions believe that the visit of the Circle President to South Korea is essentially aimed at securing Circle's token market share. However, recently, there have been calls within the South Korean financial sector to promptly regulate offshore stablecoins issued overseas. This is because if offshore-issued stablecoins circulate domestically, it could cause market disruption. This is precisely why Tarbert's visit to South Korea is interpreted as a strategy to persuade banks before offshore stablecoin regulatory policies are introduced.