Key South Korean financial institutions are planning meetings with Tether and Circle, the leaders in stablecoin issuance, to explore potential partnerships. Shinhan Bank, Hana Bank, KB Financial Group, and Woori Bank executives will meet this week to discuss distributing dollar-pegged stablecoins (USDT and USDC) within their domestic market. The discussions also delve into a possible won-based stablecoin launch, aligning with South Korea’s strategic shift towards becoming a stablecoin hub in Asia after the government shelved plans for a central bank digital currency (CBDC). This move reflects President Lee Jae Myung’s pro-crypto agenda and his preference for private-sector innovation to overcome the challenges of establishing a CBDC. A key initiative, President Lee’s administration favors stablecoins as a viable alternative to a potential state-issued CBDC. The shift follows recent progress in domestic stablecoin development by Upbit, which partnered with Naver Pay.