Circle CEO Says No Plans for Korean Won Stablecoin, Eyes South Korea Digital Asset Bill

'Issuing a Korean Won Stablecoin Would Be Difficult'

Focus on Technology Partnerships With Korean Companies

Agreements Signed With Dunamu, Bithumb and Other Local Exchanges

Talks With Financial Groups on Cross-Border Payments and RWA

Circle, the issuer of the USDC stablecoin, said it will focus on entering South Korea through technology partnerships with local companies rather than directly issuing a Korean won stablecoin.

At a closed-door press briefing in Seoul's Gangnam district on June 13, Chief Executive Officer Jeremy Allaire said Circle has no current plans to issue a won stablecoin in South Korea. A consortium led by local banks or fintech companies would be a better fit, he said, given the country's regulatory environment and the structure of its financial system.

Regulatory frameworks vary by country. Europe has passed legislation allowing non-bank companies to issue stablecoins, but South Korea's distinct financial system and legal requirements make a model centered on local financial institutions more appropriate, Allaire said.

Allaire said Circle is closely tracking discussions around the Digital Asset Basic Act, a proposed second-stage virtual asset bill under debate in South Korea. The company is evaluating what structure would be most appropriate for its business in the country and reviewing draft legislation that would set out rules for foreign stablecoin issuers.

He cast Circle's role in the Korean market as a technology partner. The company has stablecoin operating technology and blockchain integration expertise, he said, and a partnership model that provides technical support to Korean companies seeking to put the won on-chain is far more likely.

Circle also stepped up its push into South Korea on June 13 by signing cooperation agreements with major local crypto exchanges including Dunamu, the operator of Upbit, and Bithumb. Through the partnerships, the company plans to expand USDC adoption on domestic exchanges and pursue a range of technical cooperation initiatives.

Earlier in the day, Allaire also met with officials from major South Korean financial groups including Shinhan, Hana and KB. The discussions covered improving cross-border payment efficiency using stablecoins and the technical support needed to issue a won stablecoin, he said. Financial companies showed particularly strong interest in real-world asset tokenization, or RWA, according to Allaire.