Circle's South Korean expansion depends on rules for foreign stablecoin operators

Circle is reviewing a local business structure for South Korea. The company would formally operate in the country under regulation if the South Korean government creates a legal path allowing foreign-issued stablecoin operators to enter the domestic market. CEO Jeremy Allaire stated that the company is monitoring government discussions on legislation related to digital assets and stablecoins. Allaire noted that the Korean government is moving toward establishing a basis for private sector-led issuance of a won digital currency. Because Circle is not a South Korean bank, the company is unlikely to issue a won stablecoin directly. Instead, Circle will cooperate with local banks and fintech companies to provide the infrastructure for won stablecoins.