Circle, Upbit Parent Dunamu Sign MOU to Expand in South Korea’s Stablecoin Market

South Korea has entered a critical phase in drafting its Digital Asset Basic Act, with regulators gradually clarifying market-access mechanisms and compliance requirements for foreign stablecoin issuers. Circle, the issuer of USDC, which has a market capitalization of tens of billions of dollars, is moving aggressively to capture the country’s large cryptocurrency and retail markets. Its strategy centers on rigorous compliance and embedding stablecoin technology into the local financial system, while securing a long-term first-mover advantage with banks including KB Kookmin, Shinhan and Hana.

After signing a memorandum of understanding with South Korean giant Dunamu in April 2026, Circle announced that it would hold a closed-door “Current Seoul” meeting in Seoul on July 23, 2026. The company invited senior executives from major local banks, the Upbit and Bithumb exchanges, and super apps. Led by Chief Strategy Officer Dante Disparte, the meeting will seek to deepen Circle’s foothold in payment use cases, including the 5% card rebate previously piloted by Hana Bank.

The OUSD stablecoin alliance previously listed Upbit operator Dunamu, Samsung Electronics, Shinhan Financial Group and KBank as participating companies, drawing market attention. Endorsement by major financial and technology institutions would directly affect the stablecoin’s credibility, regulatory progress and potential scale of adoption.

Several of the named companies have recently issued clarifications. Upbit said Dunamu had only expressed interest in possible future cooperation and was not yet participating. Samsung Electronics, Shinhan Financial Group and KBank also said they had held no formal discussions or were still evaluating the proposal. Existing reports provide no formal entry date, launch schedule or issuance amount.

OSL Group is a Hong Kong-based digital asset platform, while Circle issues the U.S. dollar stablecoin USDC. The partnership will integrate USDC into OSL's trading and payments ecosystem, offering 1:1 conversion between U.S. dollars and USDC. It will also support professional trading and use as contract margin, strengthening digital-dollar liquidity in Hong Kong and global markets.

OSL Group recently announced a strategic partnership with Circle aimed at expanding global channels for USDC payments, conversions and trading through its platforms. Available information does not disclose a formal signing date, the value of the partnership or a phased rollout schedule. Confirmed elements include 1:1 U.S. dollar conversion and the introduction of USDC for professional trading and contract margin.

South Korea is considering a regulatory framework for stablecoins, but its National Assembly and the Bank of Korea remain divided over who should be allowed to issue them. The outcome will shape the roles of banks, technology companies and crypto-asset businesses in the market. Circle, the issuer of the U.S. dollar stablecoin USDC, has opted to provide technology rather than issue a won-denominated stablecoin itself, reflecting how overseas companies are entering South Korea through infrastructure services.

During a visit to South Korea in July 2026, Circle CEO Jeremy Allaire said the company currently had no plans to issue a won-denominated stablecoin directly but was ready to help South Korean companies develop the technology needed to issue one. As regulatory discussions intensify, USDC has accounted for about 42% of daily trading volume on South Korean exchange Coinone, indicating that Circle retains market influence even without issuing a won-denominated token.

Hana Bank, a unit of South Korea's Hana Financial Group, is working with USDC issuer Circle and crypto platform Crypto.com to test stablecoin payments for foreign visitors to the country. The initiative connects the U.S. dollar stablecoin to the existing Visa acceptance network, testing whether cross-border spending, settlement and rewards can integrate with the traditional financial system.

The pilot, launched in 2026, allows inbound travelers to spend USDC funds through a Crypto.com Visa Card at Visa-accepting merchants across South Korea and receive 5% cashback. Hana Bank handles local payment use cases, Circle provides the USDC infrastructure and Crypto.com connects the card service. The partners have not disclosed the pilot's total value or end date.