The largest financial groups in South Korea should meet officials from Tether and Circle Internet (CRCL)Emitters of the two largest stablecoins, this week, according to Yonhap.
During separate meetings, the leaders of Shinhan, Hana, KB Financial and Woori Bank will discuss potential partnerships on the distribution and transaction with stable stables in the country, as well as to explore the issuance of a stable fixed to the Won.
The moves occur while the pro-Crypto administration of President Lee Jae Myung pushes to establish a market for stablescoins, digital tokens whose value is fixed to a conventional asset, linked to one, a key commitment to his electoral campaign. The Korea bank set aside the plans to issue a digital currency from the Central Bank (CBDC) In June after the election of Lee earlier in the month. Upbit, one of the largest crypto exchanges in the country, has already said that he was working with Naver Pay on a Stablecoin.
Shinhan’s CEO, Jin Ok-Dong, and Hana CEO, Ham Young-Joo, should meet the president of Circle, Heath Tarbert, and Ham should also sit with an official of the attachment later the same day. The chief of the Digital & IT of KB Financial, Lee Chang-Kwon, and the president of the Woori bank, Jeong Jin-Wan, would organize similar talks with Circle, of which the USDC is the second largest stablecoin, behind the USDT of Tether.
Read more: crypto for advisers: Asian adoption of stablecoin
