L ocal Korean banks, fintechs, and digital-asset companies will use Circle's Arc blockchain and Circle Payments Network to issue their own won-pegged stablecoins. This infrastructure serves as the settlement layer linking future KRW stablecoins to global liquidity.
Related Brief 10h ago
stablecoins USD Coin dominates 42% of trading on Coinone as Circle eyes South Korea without launching a won-pegged stablecoin
USD Coin accounts for 42% of daily trading volume on Coinone, one of South Korea’s major crypto exchanges, as Circle capitalizes on surging demand without launching a won-pegged stablecoin. Circle CEO Jeremy Allaire confirmed the company has no plans to issue a South Korean won-pegged digital currency, sidestepping a regulatory standoff between lawmakers and the Bank of Korea. The central bank and domestic banks oppose allowing tech firms to issue stablecoins, insisting the power belong solely to financial institutions. President Lee Jae-myung campaigned on introducing won-pegged stablecoins, but his administration has been stymied since taking office in June. Allaire, during a visit to Seoul, met with banking executives and crypto leaders, including Coinone, to pitch Circle’s infrastructure as a platform for licensed South Korean entities to issue their own stablecoins. The firm is pursuing a model similar to its expansions in Hong Kong, Singapore, Japan, and Europe—waiting for legal clarity, then seeking a license. For now, Circle’s monetization strategy in South Korea hinges not on launching a new coin, but on the growing use of USD Coin as both a trading pair and investment vehicle.
Circle CEO Jeremy Allaire stated he has no plans to issue a Korean won stablecoin himself. Instead, he is positioning the company as a technology provider for domestic issuers.
Related Brief 4h ago
stablecoins Tether’s $134M Bet on SDEV Isn’t About Speculation—It’s About Building the Rails for 570 Million People to Use Digital Dollars Daily
Stablecoin transaction volumes have already surpassed $33 trillion—more than Visa and Mastercard combined. For over 570 million people, Tether’s USDT isn’t speculative; it’s how they move, hold, and spend money. The $134 million financing round closed by Stablecoin Development Corporation (SDEV) in January 2026 isn’t about price swings or trading hype. It’s about building the infrastructure those users depend on. Tether Investments joined R01 Fund LP, Framework Ventures, and Sky Frontier Foundation in the private placement, directing capital toward hardening the rails that carry digital dollars across borders and blockchains. The proceeds allowed SDEV to acquire more than 2 billion SKY tokens and scale its role as an on-chain holding company. SDEV, which rebranded from NovaBay Pharmaceuticals and switched its ticker to SDEV in early April 2026, now serves as a public-market conduit to the stablecoin economy—offering institutional and retail investors regulated exposure to a sector that moves $300 billion in circulating value. Tether’s participation signals more than financial backing. It reflects a strategic push toward reliability and usability. That same month, Tether launched tether.wallet, its first self-custodial wallet for retail users, stepping directly into competition with MetaMask, Trust Wallet, and Phantom. The move marks a shift from being purely a settlement layer across 160 countries to becoming a consumer-facing platform. As regulatory clarity improves in key markets, the focus is no longer on whether stablecoins will be accepted—it’s on whether the infrastructure can sustain daily, global financial demand. Paolo Ardoino, Tether’s CEO, put it plainly: the next phase isn’t innovation for its own sake. It’s about systems that make digital dollars practical for everyday life, especially where traditional finance fails. Robust infrastructure enables that. And now, it has $134 million more to build it.
This strategic shift occurs as South Korean lawmakers finalize a stablecoin framework under the Digital Asset Basic Act. The pending legislation may require overseas issuers of won-pegged stablecoins to establish a local branch and maintain 100% reserve backing. Circle will apply for a license and set up a Korean unit if the final rules admit foreign players.
Related Brief 2d ago
stablecoins Circle’s refusal to freeze $230 million in exploit funds reveals its legalist approach to asset control
Approximately $230 million in USDC linked to a $280 million exploit of Drift Protocol was bridged from Solana to Ethereum through Circle’s infrastructure without being frozen. On-chain investigator ZachXBT criticized the issuer for failing to act on the funds. Circle CEO Jeremy Allaire stated that the company freezes wallets only when directed by law enforcement or court orders. The exploit involved social engineering techniques and is potentially tied to North Korean actors. Allaire stated that unilateral action by private firms in such cases would raise ethical and legal concerns.
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