Circle CEO Says Company Will Not Issue Won Stablecoin but Will Offer Technical Support

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.

Circle issues the U.S. dollar stablecoin USDC, while Dunamu operates Upbit, South Korea’s largest crypto-asset exchange. The country has about 17 million crypto investors, and AI applications are becoming widespread. Visa and local financial institutions therefore see South Korea as an important testing ground for stablecoin payments and digital financial services.

Circle and Dunamu have signed a comprehensive memorandum of understanding to jointly study stablecoin operating models, promote blockchain applications and support digital-asset education. The companies aim to use Upbit’s market presence to expand USDC use cases in South Korea. They did not disclose the exact signing date, investment amount or a firm timetable for product launches.