Shinhan Chair Engages with Tether Leaders to Discuss Possible Stablecoin Collaborations
In a significant move towards the development of Korea's digital financial ecosystem, Jin Ok-dong, Chair of Shinhan Financial Group, met with senior executives from Tether at the group's Seoul headquarters on Monday.
The meeting, which included Marco Dal Lago (Vice President), Queen Le (APAC Regional Head), and Andre Kim (Latin America Manager) from Tether, focused on potential integration and building a robust network between the firms. The executives' visit to Korea indicates the strategic interest of Tether in integrating stablecoins into the country's financial system.
Jin Ok-dong emphasised the need for Korea to develop a comprehensive technological ecosystem for stablecoins, stating that trust is built through consistent performance over time and that leveraging technologies like AI and blockchain is necessary to safeguard assets and enhance consumer confidence.
This meeting follows a similar one held between Jin and Circle President Heath Tarbert, a Chicago-based stablecoin issuer, in late August. The discussions revolved around the future of dollar-pegged stablecoins amid rising adoption of digital currencies.
The active push by Korea to develop its digital financial infrastructure is contributing to the ongoing debate over digital asset regulation in the country. Ongoing discussions on legal frameworks and government policies have rekindled debate over the regulation of digital assets.
The meetings between financial institutions and Tether are not isolated incidents. NongHyup Financial's blockchain and cryptocurrency team met with Tether's APAC regional head earlier this month, and KB Kookmin Bank's digital officers are scheduled to meet with Tether executives this week.
Shinhan Card, along with other major credit card companies, has completed preliminary preparations for issuing won-backed stablecoins. The Shinhan group's 24th foundation anniversary fell on Sept. 1.
These developments mark a significant step forward in Korea's journey towards integrating stablecoins into its financial system, signalling a potential shift in the country's digital financial landscape.
