Circle chiefs to meet South Korean banks, crypto exchanges as USD Coin trading soars

Circle executives will meet top banking and crypto exchange chiefs in South Korea as stablecoin fever sweeps the country.

Trading in USD Coin continues to soar in South Korea. On Korbit, 95% of all trading volume involved USD Coin over the past day, with the token accounting for almost 60% of all trades on Coinone over the past 24 hours.

Circle CEO Jeremy Allaire plans to hold “working-level consultations with key executives responsible for actual business implementation” during his visit next week, South Korean newspaper Maeil Kyungjae reported.

The visit comes amid a flurry of activity in the South Korean crypto world. As the government races to roll out stablecoin legislation, some of the country’s biggest securities players are reportedly trying to muscle their way into the crypto sector via takeover deals.

Adoption plans

Unnamed sources said Circle executives will hold “successive” meetings with the heads of several major domestic commercial banks, including the market-leader Kookmin, as well as Shinhan and Hana.

Allaire also reportedly plans to meet with Dunamu, the operator of the market-leading Upbit exchange, as well as its rivals Bithumb and Coinone.

Kookmin officials met Circle chiefs in June last year, reported South Korean newspaper Chosun Ilbo. Since then, the two parties have completed proof of concept tests using Circle Mint, Circle’s stablecoin issuance and management platform.

South Korean banks are expected to play a key role in the stablecoin sector in the near future.

The government is pushing to legalise Korean won-pegged stablecoins. But the central bank insists that only consortia that include commercial banks should be allowed to issue won stablecoins.

Allaire is reportedly set to discuss ways to expand the use of USD Coin in South Korea with Kookmin. Also on the agenda, Chosun wrote, is further cooperation in the international payments sphere, as well as cooperation on won-based stablecoin plans.

Both Shinhan Financial Group and Hana Financial Group are also planning to hold separate meetings with Circle, Maeil Kyungjae wrote.

At meetings with the crypto exchanges, Allaire and other Circle chiefs will reportedly discuss the expansion of USD Coin adoption and the South Korean payment ecosystem.

The parties are also set to discuss measures to support cross-chain technology, Maeil Kyungjae said.

Circle did not immediately respond to a DL News request for comment.

Tim Alper is a News Correspondent at DL News. Got a tip? Email him at [email protected].