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Circle Says It Will Launch Korea Unit if Rules Open Market to Foreign Stablecoin Issuers

Doohyun Hwang

Summary

Circle said it would establish a formal Korean subsidiary and obtain a license to begin operating within the regulated system if South Korea's crypto regulations are finalized in a way that accepts foreign issuers.
Circle said its new blockchain network ARC represents an important opportunity in South Korea's Web3 ecosystem, particularly in improving cross-border payments, fund transfers, and expansion across infrastructure and payment layers.
Circle said it signed partnerships with local crypto exchanges including Dunamu and Bithumb, discussed cooperation with major Korean financial groups on stablecoins and real-world asset tokenization (RWA), and plans to focus on a technology-support partnership model rather than directly issuing a won stablecoin.

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*Circle Chief Executive Officer Jeremy Allaire speaks at a closed-door press briefing at SJ Kunsthalle in Seoul's Gangnam district on June 13. Photo: Hwang Doo-hyun, Blockinbit reporter*

Circle, the issuer of the USDC stablecoin, said it would establish a local unit and formally enter South Korea if the country finalizes regulations that allow overseas issuers to operate there. The company plans to secure the necessary licenses and expand within the regulated system once the domestic digital-asset framework is in place.

At a closed-door press briefing in Seoul's Gangnam district on June 13, Chief Executive Officer Jeremy Allaire said Circle is evaluating the most appropriate structure for its Korea business. If pending legislation on foreign stablecoin issuers, including the proposed Digital Asset Basic Act, allows global companies to participate, Circle will set up an official Korean subsidiary and operate with the proper licenses.

South Korea is one of the world's top 10 digital-asset markets and a technology leader, Allaire said. He added that it is already a highly dynamic market where USDC technology is being used across many platforms.

Allaire also said Circle's push into South Korea goes beyond expanding USDC distribution. ARC, a new blockchain network set for commercial launch this year, could be highly attractive to the country's Web3 ecosystem, he said. Circle is actively discussing ways to improve cross-border payments and money transfers with Korean companies, and sees expansion across infrastructure and payment layers as a significant opportunity.

Circle is also broadening its ties with major local companies. The firm signed partnerships on June 13 with Dunamu, the operator of Upbit, and Bithumb, two South Korean crypto exchanges. The agreements are aimed at expanding USDC adoption on domestic trading platforms and anchoring Circle's infrastructure technology in the local market.

The company's outreach to the financial sector is also taking shape. Earlier on June 13, Allaire met with officials from major Korean financial holding companies including KB Financial Group, Shinhan Financial Group and Hana Financial Group to discuss cooperation on stablecoin-based payment improvements and real-world asset tokenization, or RWA.

Still, Allaire drew a line at directly issuing a won-denominated stablecoin. The Korean market is better suited to a model led by local financial institutions, he said. Rather than launching one itself, Circle plans to focus on partnership models that provide technical support to Korean companies seeking to build won stablecoins.

USDC