Stablecoins remain at the center of crypto’s global narrative, and South Korea is the latest stage for high-level talks. Tether executives met with Shinhan Bank and other leading institutions in Seoul to explore potential partnerships. The meetings also extended to fintech firms, signaling how stablecoins are drawing interest across the country’s financial landscape.

Tether Meets South Korea’s Leading Banks

On September 8, Tether executives met with Shinhan Bank, one of South Korea’s largest commercial lenders. The delegation included Marco Dal Lago, Vice President and Head of Global Expansions and Strategic Partnerships, Quynh Le, the firm’s Regional Expansion Lead for Asia-Pacific, and Andres Kim, its Latin America Expansion Manager.

The talks focused on stablecoins and potential partnerships. Shinhan Bank Chairman Jin Ok-dong was present, marking his second meeting in a month with a major U.S.-based stablecoin issuer. He had earlier met Circle executives, including CEO Heath Tarbert, who visited Seoul to discuss USD Coin (USDC).

Tether also held earlier meetings with KEB Hana Financial Group and Woori Financial Group on August 26. KB Kookmin Bank’s Vice President Cho Young-seo is expected to meet the team during the same trip. Nonghyup (NH) Financial Group has likewise engaged Tether’s blockchain task force.

Expanding Discussions With Fintechs

Beyond traditional banks, Tether executives are also connecting with South Korea’s fintech sector. Meetings are planned with Toss, a popular neobank, and NICE Group, a holding company with operations in information and communications services. According to reports, NICE executives confirmed that stablecoins and mobile business strategies were part of the discussions.

These talks are happening while South Korea pushes forward with digital asset regulation. By engaging both banks and fintech firms, Tether is positioning itself to remain relevant regardless of how the eventual legal framework takes shape.

Regulation Still Under Debate

Lawmakers in South Korea remain divided on who should be allowed to issue won-pegged stablecoins. Conservative voices argue that only commercial banks should handle issuance, while others suggest opening the space to large IT companies and fintech firms.

The debate comes after President Lee Jae-myung pledged to allow local firms to issue stablecoins, a move that has since prompted banks and technology giants to file trademarks for KRW-pegged tokens. Companies such as Kakao and Naver, which already operate major e-payment systems, are considered well-positioned to integrate stablecoin functionality. Analysts also point to Samsung and LG as potential entrants into this emerging sector.

Stablecoins as a Global Narrative

Stablecoin discussions in South Korea reflect a wider trend in global finance. Major banks such as HSBC and ICBC are exploring licenses in Hong Kong, while the European Central Bank is studying blockchain networks like Ethereum and Solana for its digital euro plans. On trading platforms, competition is heating up with projects like Paxos, Agora, and Frax vying for position on Hyperliquid’s USDh stablecoin.

Industry leaders also see massive growth ahead. BitMEX co-founder Arthur Hayes has suggested the stablecoin market could reach $10 trillion by 2028. While forecasts remain speculative, the current wave of activity shows that stablecoins are central to both policy and market debates.

Related read: Paxos, Agora and Frax compete for Hyperliquid’s USDH

South Korea Joins the Global Stablecoin Race

Tether execs holding stablecoin meetings with South Korean banks underscores how central the sector has become in shaping the next phase of digital finance. As regulators debate who should issue KRW-pegged tokens, and as global institutions test stablecoin models, South Korea is emerging as a key hub in the broader conversation. With stablecoins now the hottest narrative in crypto, their integration into mainstream banking and fintech appears increasingly inevitable.