Circle proposes cooperation on dollar stablecoins, not won, to the Big Four financial groups

Circle, the stablecoin issuer, has reportedly proposed that the domestic financial sector cooperate with the issuance of dollar stablecoins rather than won stablecoins.

According to the industry on the 28th (local time), Circle President Heath Tarbert, in a meeting on the 22nd with top executives from the Big Four financial groups including Jin Ok-dong, Chairman of Shinhan Financial Group, expressed a negative stance by saying, "There are no plans for cooperation with won stablecoins," and instead proposed business cooperation with Circle's dollar stablecoin.

The domestic financial sector is interpreting Circle’s visit to Korea as an effort to expand its presence in the Korean market and increase the market share of USDC. Currently, in the dollar stablecoin market, Tether holds an overwhelming No. 1 position with about 65% market share, while Circle remains at around 25%.