Tether, the firm behind the stablecoin USDT, met with officials from the South Korean financial heavyweight Shinhan Bank on September 8.
The South Korean media outlet MoneyS reported that Tether officials are in the country to attend a domestic blockchain conference.
But the executives are also reportedly planning meetings with a range of domestic fintech companies, including the neobank Toss.
The headquarters of Shinhan Bank in central Seoul, South Korea. Tether officials met senior Shinhan executives at the building in the morning of September 8, with stablecoins on the agenda. (Source: Mobius6 [CC BY-SA 4.0])Tether, Korean Banks Hold Stablecoin Talks
The media outlet wrote that several Tether executives attended the Shinhan meeting, including Vice President Marco Dal Lago, the firm’s head of Global Expansions and Strategic Partnerships.
Quynh Le, Tethers’ Regional Expansion Lead in the APAC area, and Andres Kim, the firm’s Bolivia-based Expansion Manager, were also in attendance.
The summit is Shinhan Financial Group Chairman Jin Ok-dong’s second meeting with a major US stablecoin issuer in the space of a month.
Jin and several rival South Korean bank heads met Heath Tarbert, the head of the USD Coin issuer Circle, during the latter’s visit to Seoul late last month.
A Shinhan Financial Group official told media representatives that Shinhan and Tether “plan to continue discussing ways to build mutual networks.”
South Korean lawmakers continue to push forward with plans to regulate KRW-pegged stablecoins. Evidently sensing an opportunity, both Tether and Circle have recently sent delegations to Seoul.
Cho Young-seo, the Vice President of KB Kookmin Bank, is also set to meet Tether representatives on September 10.
KEB Hana Financial Group and Woori Financial Group officials have already spoken to Tether officials about stablecoins. The parties held meetings on August 26.
While there are no immediate plans for further meetings during the Tether officials’ visit to, the “possibility of more talks remains open,” MoneyS wrote.
Another major financial group, Nonghyup (NH), has also previously sent its blockchain and cryptoasset division chiefs to meet Tether executives.
Legislation at an Impasse
South Korean lawmakers are currently divided on the question of whether they should let major tech firms and IT startups issue stablecoins, in addition to large financial groups.
The USDT market cap over the past 12 months. (Source: CoinGecko)Conservative voices believe that only the commercial banking sector should be allowed to issue KRW stablecoins.
MoneyS concluded that “global companies with established issuance and distribution networks” are likely to continue discussing collaboration options with domestic financial institutions until lawmakers come to an agreement.
Allowing South Korean firms to issue stablecoins was a key manifesto pledge for President Lee Jae-myung ahead of June’s elections.
Since Lee came to power, scores of major banks and leading IT firms have registered KRW-pegged stablecoin-related trademarks.
These include the internet giants Kakao and Naver. Both of the firms operate widely used e-payment platforms.
Experts believe stablecoin integration would be straightforward for both Kakao and Naver. Other experts, meanwhile, think that hardware heavyweights like Samsung and LG could also enter the fray.
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