Circle proposed to the South Korean financial sector to issue a US dollar stablecoin instead of a Korean won stablecoin

ChainCatcher news, Circle has proposed to the South Korean financial authorities to issue a dollar stablecoin instead of a won stablecoin. Circle President Heath Tarbert stated during a meeting with the top executives of the country's four major financial institutions: "We have no intention of collaborating on a won stablecoin," and introduced the dollar stablecoin issued by Circle while suggesting cooperation.

The four major financial institutions believe that President Tarbert's visit to South Korea is actually aimed at ensuring Circle's market share of tokens. However, recently there have been calls within the South Korean financial sector to regulate offshore stablecoins issued overseas as soon as possible. This is because if offshore-issued stablecoins circulate domestically, it could lead to market confusion. This is precisely why Tarbert's visit to South Korea is interpreted as a strategy to persuade banks before the offshore stablecoin regulatory policy is introduced.