Executives from Tether and Circle will hold talks this week with the CEOs of several top South Korean financial groups, including Shinhan Financial Group CEO Kim Ok-dong and Hana Financial Group CEO Ham Young-joo. The talks will focus on the potential distribution and use of US dollar stablecoins in South Korea, as well as the issuance of a South Korean won-backed stablecoin.

The talks come as South Korea prepares to launch a legal framework for stablecoins in October this year, with the ruling and opposition parties disagreeing on the regulation of stablecoins.