Hana Card Signs MOU With Tether to Expand Stablecoin Cooperation

Hana Card is stepping up its partnership with Tether, the issuer of the USDT dollar stablecoin.

Hana Card said on Oct. 1 that it signed a three-party memorandum of understanding with Hana Bank and Tether. The companies plan to jointly explore ways to connect stablecoins with South Korean financial services.

Tether is the world’s largest dollar stablecoin issuer. Its market capitalization was about $183.8 billion as of Oct. 1, according to CoinMarketCap.

Hana Card also signed a strategic business agreement late last year with Circle, the issuer of the USDC dollar stablecoin. In March, it carried out a stablecoin payment marketing campaign with U.S. crypto exchange Crypto.com, offering cashback to foreign visitors to South Korea when they paid at domestic merchants.

Hana Financial Group has been aggressively expanding its digital-asset business. It recently jointly established BitGo Korea with global digital-asset custody firm BitGo and completed VASP registration approval last month.

The group plans to continue expanding cooperation with major stablecoin issuers and digital-asset infrastructure companies.

Hana Card said it is broadening the scope of its cooperation across the global digital-asset ecosystem. It plans to gradually expand the circulation and use of stablecoins in step with regulatory developments.