Circle Privately Invites South Korean Finance Giants to Closed-Door Stablecoin Meeting

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.

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.

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.

Circle issues USDC and generates most of its revenue from interest on the dollar reserves backing the stablecoin. Investment bank William Blair believes stablecoins are evolving from crypto trading instruments into infrastructure for cross-border payments. With regulations and networks still fragmented across jurisdictions, Circle’s payment network and USDC’s liquidity are key to maintaining its market leadership.

William Blair said in its latest report that Circle’s stock had recently outperformed other crypto-related shares, interpreting the gains as evidence that investors recognize the resilience of USDC’s market capitalization and Circle’s infrastructure advantages. However, the available information does not disclose the report’s exact publication date, the size of the share-price gain, USDC’s market capitalization or a price target, and those figures should not be inferred.