Hana Bank to Collaborate with Circle on Stablecoin Business

It has been revealed that Hana Bank is set to collaborate with Circle, the issuer of the US dollar-based stablecoin USDC, on stablecoin business initiatives.

According to recent industry reports on the 11th (local time), Hana Bank recently signed a memorandum of understanding (MOU) with Circle regarding stablecoin-related business. However, it is said that the specific details of the collaboration will be discussed further at a later date.

In particular, this MOU signing is being evaluated as the result of aligned interests on both sides. Previously, Circle has also shown an active approach to issuing euro and yen stablecoins. Similarly, at the end of last month, Hana Bank demonstrated its intent to lead the won-based stablecoin market by applying for 16 stablecoin trademarks.

It has also drawn attention that the stablecoin trademark Hana Bank has applied for is 'KRWC'. In the past, Circle has been adding a 'C' at the end of its stablecoins such as USDC and EURC. Some observers speculate that Hana Bank may be considering the issuance of a stablecoin together with Circle.