According to Odaily Planet Daily, Circle has proposed issuing a US dollar stablecoin to South Korea's financial sector, rather than a Korean won stablecoin. During a meeting with senior executives from the country's four largest financial institutions, Circle President Heath Tarbert stated, "There is no intention to collaborate on a Korean won stablecoin." He then introduced Circle's US dollar stablecoin and proposed a collaboration.

The four major financial institutions believe that Circle's president's visit to South Korea is motivated by the need to secure Circle's token market share. However, some in the South Korean financial community have recently called for swift regulation of offshore stablecoins. The potential for domestic circulation of offshore stablecoins could disrupt the market. This explains why Tarbert's visit to South Korea is being interpreted as a ploy to persuade banks before regulations on offshore stablecoins are implemented. ( Money Today )