South Korea’s biggest banks are reportedly in talks with Tether and Circle to discuss potential stablecoin partnerships and distribution in the country.
Stablecoins are cryptocurrencies that have their price pegged to a fiat currency. This means that unlike assets such as Bitcoin, these tokens normally don’t face any major fluctuations, hence the “stable” in their name.
Now, it seems major players in the country are also laying the groundwork for diving into the space. As per the report, Shinhan Financial Group CEO Jin Ok-dong and Hana Financial Group CEO Ham Young-joo are set to have separate meetings with Heath Tarbert, the president of Circle, on Friday. The latter is also expected to meet with a Tether official.
Two other big financial groups, KB Financial Group and Woori Bank, will also see executives meeting with Tarbert, but the details of their talks aren’t yet known to the public.
YonHap notes,
The banking heads are expected to discuss areas of partnership, including the distribution and transactions of dollar-pegged stablecoins in South Korea, as well as the issuance of won-backed stablecoins.
As the above chart displays, 57% of the latest USDT transactions on the blockchain involved a size greater than $100 million, indicating elevated activity from institutional-grade entities. In total, the largest of USDT wallets on Tron have seen a balance change of a whopping $6.95 billion alongside these transactions.
Bitcoin fell under $112,000 earlier in the day, but it appears the cryptocurrency has found a slight rebound as its price is back at $113,700.
