Circle CEO sees strong potential for South Korea crypto market

Heath Tarbert, CEO of U.S. stablecoin issuer Circle, highlighted “solid industrial competitiveness,” “sophisticated financial systems,” and “active investment enthusiasm” as the South Korean economy’s key strengths in the era of digital assets during an interview with The Dong-A Ilbo at Le Méridien Hotel in Jung-gu, Seoul, on Aug. 23.

He added that South Korean investors hold substantial amounts of digital assets. “Today, a won-backed stablecoin could be useful in every area where the Korean won is used,” Tarbert said, predicting strong demand for such a coin. He emphasized the urgent need for a robust regulatory framework to accommodate growing demand.

Circle is the largest U.S. issuer of the stablecoin USDC and the world’s second-largest, after Tether, which is headquartered in El Salvador. The company became the first stablecoin issuer globally to list on the New York Stock Exchange in June.

Tarbert previously served as chairman of the Commodity Futures Trading Commission during the first Trump administration and as deputy assistant secretary of the Treasury. He said, “One lesson I learned as a regulator is that technology does not stop,” emphasizing that South Korea should quickly adopt clear rules for the stablecoin market, drawing on the approaches of the United States, the European Union, Japan, and other countries.

Some analysts have expressed concern that South Korea may already be falling behind. Asian financial hubs including Singapore, Hong Kong, and Japan have already moved rapidly to establish regulatory frameworks for stablecoins. Tarbert highlighted South Korea’s strengths, saying, “The country has a large number of solid export companies. Even in my home, every room has Korean electronics.” He noted that South Korea hosts manufacturing and information technology companies capable of using stablecoins in trade, suggesting that increased stablecoin transactions in commerce could grow the domestic crypto market and more easily attract investment.

Before visiting Japan, Tarbert met with South Korean officials, including Bank of Korea Governor Lee Chang-yong, and senior executives from the four major financial groups: KB, Shinhan, Woori, and Hana. He also reportedly met with major corporations. To facilitate communication with South Korean partners, he prepared business cards with names written in Korean. “We view South Korea as a very important strategic opportunity, ”Tarbert said.


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