Tether Execs Hold Stablecoin Meetings With Top S Korean Commercial Banks

Tether, the firm behind the stablecoin USDT , met with officials from the South Korean financial heavyweight Shinhan Bank on September ￰0￱ South Korean media outlet MoneyS reported that Tether officials are in the country to attend a domestic blockchain ￰1￱ the executives are also reportedly planning meetings with a range of domestic fintech companies, including the neobank ￰2￱ headquarters of Shinhan Bank in central Seoul, South ￰3￱ officials met senior Shinhan executives at the building in the morning of September 8, with stablecoins on the agenda. () 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 ￰4￱ Le, Tethers’ Regional Expansion Lead in the APAC area, and Andres Kim, the firm’s Bolivia-based Expansion Manager, were also in ￰5￱ summit is Shinhan Financial Group Chairman Jin Ok-dong’s second meeting with a major US stablecoin issuer in the space of a ￰6￱ 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 ￰7￱ sensing an opportunity, both Tether and Circle have recently sent delegations to ￰8￱ Young-seo, the Vice President of KB Kookmin Bank, is also set to meet Tether representatives on September ￰9￱ Hana Financial Group and Woori Financial Group officials have already spoken to Tether officials about ￰10￱ parties held meetings on August ￰11￱ there are no immediate plans for further meetings during the Tether officials’ visit to, the “possibility of more talks remains open,” MoneyS ￰12￱ major financial group, Nonghyup (NH), has also previously sent its blockchain and cryptoasset division chiefs to meet Tether ￰13￱ 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 ￰14￱ USDT market cap over the past 12 months.

() Conservative voices believe that only the commercial banking sector should be allowed to issue KRW ￰15￱ 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 ￰16￱ South Korean firms to issue stablecoins was a key manifesto pledge for President Lee Jae-myung ahead of June’s ￰17￱ Lee came to power, scores of major banks and leading IT firms have registered KRW-pegged stablecoin -related ￰18￱ include the internet giants Kakao and ￰19￱ of the firms operate widely used e-payment ￰20￱ believe stablecoin integration would be straightforward for both Kakao and ￰21￱ experts, meanwhile, think that hardware heavyweights like Samsung and LG could also enter the fray.