Shinhan, Hana, Woori, KB Financial said to meet Tether, circle in Won Stablecoins: Report
South Korea’s largest financial group is scheduled to meet officers from Tether and Internet circle (CRCL)those who gave two largest stablecoins, as early as this week, According to Yonhap.
In separate meetings, executives from Shinhan, Hana, KB Financial and Woori Bank will discuss potential distribution and transacts with dollar stablecoins in the country, as well as explore the release of a stablecoin PEG to the winner.
The moves are coming as President Lee Jae Myung’s Pro-Crypto administration is pushing to establish a market for Stablecoins, digital tokens whose value is PEG in a conventional possession, tied to the winner, a basic promise from his election campaign. The bank of Korea Shelved plans to issue a central digital currency (CBDC) in June following Lee’s election earlier in the month. Upbit, one of the country’s largest crypto exchanges, has already said it Working on naver pay to a stablecoin.
Shinhan CEO Jin Ok-Dong and Hana CEO Ham Young-Joo are set to meet the President of the Circle Heath Tarbert on Friday, and it is also hoped that Ham will sit with a tether officer later the same day. KB Financial Chief Digital & IT officer Lee Chang-Kwon, and Woori Bank President Jeong Jin-Wan have reportedly arranged for similar circles to the circle, whose USDC is the second largest stablecoin, to board the USDT of Tether.
