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South Korea’s largest banks are reportedly engaged in discussions with Tether and Circle regarding potential stablecoin collaborations and distribution within the nation.
Four Major South Korean Financial Institutions Exploring Stablecoins
According to YonHap, leading South Korean financial institutions are set to have their top officials meet with Tether and Circle this week. Tether and Circle are the creators of the two most significant stablecoins: USDT and USDC, respectively.
Stablecoins are cryptocurrencies that link their value to a fiat currency. This signifies that, contrary to assets like Bitcoin, these tokens generally do not experience significant volatility, which explains the term “stable” in their title.
South Korea has been advancing towards digital assets and stablecoins under the guidance of pro-crypto President Lee Jae Myung. One of the commitments made by the President was to create a market for Korean won-based stablecoins. The country’s financial regulator is anticipated to unveil its stablecoin framework in October, as Bitcoinist reported earlier this week.
It appears that key players in the country are also preparing to enter the market. According to the report, Shinhan Financial Group CEO Jin Ok-dong and Hana Financial Group CEO Ham Young-joo are scheduled to have individual meetings with Heath Tarbert, the president of Circle, on Friday. The latter is also expected to meet with a representative from Tether.
Two additional significant financial institutions, KB Financial Group and Woori Bank, will also have executives engaging with Tarbert, but the specifics of their discussions remain undisclosed to the public.
YonHap highlights,
The banking leaders are anticipated to converse about areas of collaboration, which include the distribution and transactions of dollar-pegged stablecoins in South Korea, along with the issuance of won-backed stablecoins.
In another part of Asia, Hong Kong initiated its legislation on stablecoins at the beginning of this month. Prominent organizations like Standard Chartered in its partnership have lined up to secure an issuer license in the region.
Regarding stablecoins, on-chain data reveals that the Tron network has experienced significant movements from USDT mega wallets over the past day, as noted by an analyst in a CryptoQuant Quicktake post.
The trend in the distribution of the daily USDT transfers across wallet groups on the Tron network | Source: CryptoQuant
As the aforementioned chart illustrates, 57% of the recent USDT transactions on the blockchain involved amounts exceeding $100 million, indicating heightened activity from institutional-grade entities. In total, the largest USDT wallets on Tron have experienced a balance shift of an astounding $6.95 billion alongside these transactions.
BTC Price
Bitcoin dipped below $112,000 earlier today, but it seems the cryptocurrency has experienced a slight rebound with its price returning to $113,700.
It appears that the price of the coin has been declining in recent days | Source: BTCUSDT on TradingView
Featured image from Dall-E, CryptoQuant.com, chart from TradingView.com
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