Circle plans to provide technical support to South Korean domestic institutions to help them issue a stablecoin post-regulatory approval

On April 15, Circle CEO Jeremy Allaire stated that Circle currently has no plans to launch a Korean Won (KRW) stablecoin but is closely monitoring the South Korean National Assembly’s legislative progress on stablecoin regulation. If Korea establishes a clear legal framework for global firms, Circle is willing to apply for a license and establish a presence in the country. Facing a regulatory impasse in Korea—where lawmakers lean toward allowing tech firms to issue stablecoins, while the banking sector and the Bank of Korea advocate for exclusive issuance by banks—Circle has opted not to directly issue a KRW stablecoin. Instead, it plans to provide technical support to local Korean banks and crypto companies to help them launch stablecoins once regulatory approval is secured. Allaire’s visit included meetings with executives from several major Korean banks, crypto firms, and Coinone exchange. Circle will continue to actively capitalize on opportunities in South Korea’s crypto ecosystem, profiting from the market through its existing USDC business and technical services while awaiting regulatory clarity.