Tether, the company behind Stablecoin USDT, met with officials at the Korean financial heavyweight Shinhan Bank on September 8th.
South Korean media outlet Moneys reported that Tether officials were in the country to attend a domestic blockchain conference.
However, executives are also reportedly planning meetings with various national fintech companies, including Neobank Toss.
Tether, Korean bank holds Stablecoin Talks
The media outlet wrote that several tether executives attended the Singhan conference, including Vice President Marco Darlago, head of the company’s global expansion and strategic partnership.
Quynh Le, Tethers’ APAC region regional expansion lead, and Andres Kim, Bolivia-based expansion manager, were also present.
The summit will be the second meeting of Singhan Financial Group Chairman Jin Ok Dong, and will be meeting with leading US stubcoin issuers over a month.
Jin and several rival Korean Bank principals met Heath Tarbert, head of the USD coin issuer circle, while visiting Seoul late last month.
Officials at the Shinhan Financial Group told media representatives that Shinhan and Tether “plan to continue to discuss how to build mutual networks.”
South Korean lawmakers continue to move forward with plans to regulate stablecoins raised by KRW. With obvious opportunity, both Tether and the Circle recently sent delegations to Seoul.
Cho Young-Seo, vice president of KB Kookmin Bank, will also meet Tether representatives on September 10th.
Officials from Keb Hana Financial Group and Woori Financial Group have already spoken to Tether staff about Stablecoins. The parties held a meeting on August 26th.
There is no immediate plan for further meetings during the visit of Tether staff, but “the possibilities for more consultations are still open,” Moneys wrote.
Another major financial group, Nongyup (NH), previously submitted the chief of the blockchain and Cryptoasset department to meet Tether Executive.
Law at a deadlock
South Korean lawmakers are now divided into questions about whether major tech companies and IT startups should issue stable ones, in addition to large financial groups.
Conservative voices believe that only the commercial banking sector should be allowed to issue KRW Stablecoins.
Moneys concluded that “global companies with established issuance and distribution networks” are likely to continue to discuss collaboration options with domestic financial institutions until lawmakers reach an agreement.
Allowing South Korean companies to issue Stablecoins was a key manifesto pledge by President Lee Jae-Myung ahead of the June election.
Since Lee came to power, numerous major banks and major IT companies have registered Stablecoin-related trademarks wrapped in KRW.
These include internet giants Cacao and Neighbor. Both companies operate widely used electronic pay platforms.
Experts believe that Stablecoin integration is easy for both Kakao and Naver. Meanwhile, other experts believe that hardware heavyweights like Samsung and LG can also take part in the fight.
Tether executives held a Stablecoin Meeting with Top S Korean Commercial Banks.
