Dante Disparte, Chief Strategy Officer of Circle, conducted an interview with South Korean media in Seoul on May 23. Circle held a private 'Current Seoul' event the same afternoon at Chosun Palace in Gangnam, attended by domestic financial institutions, virtual asset operators, payment companies, and platform businesses. During the interview, Disparte emphasized that South Korea must prioritize speed in adopting stablecoin technology, stating that regulatory delays are acceptable but technological delays are not. He referenced the US GENIUS Act and EU MiCA frameworks as models South Korea could adapt to become Asia's financial hub.
Circle CSO Urges South Korea to Accelerate Stablecoin Adoption
Disparte stated that being a second mover in business can be disadvantageous, but being a policy second mover after learning from other countries' trial and error offers tremendous advantages. He described South Korea's opportunity as a 'Fast Second' by referencing the US GENIUS Act and EU MiCA regulations. Disparte explained that Europe saw over 30 compliant euro-stablecoin issuers emerge after MiCA implementation, while the US had more than 25 companies apply for banking licenses after the GENIUS Act. He emphasized that proper regulation creates healthy market competition and that major South Korean institutions are waiting for regulatory clarity.
Regarding South Korea's ongoing debate over whether banks or fintech firms should lead stablecoin issuance, Disparte acknowledged he cannot evaluate Korea's unique industrial policy and historical context. However, he stressed that time is critical and regulators should start with trusted entities as soon as possible.
Circle Signs MOUs with Kakao Group and Toss
Circle announced MOUs with Kakao Group and Toss on May 23 for cooperation in blockchain-based payment infrastructure and digital asset technology. Disparte compared Circle's business model to Visa, which does not transact directly with consumers but works through cards and banks. He stated Circle partners with entities that distribute USDC in each region. Disparte noted that during conversations with Kakao and Toss executives, he sensed they recognize preparing for the Web3 wave as a very urgent task. He explained the MOU's purpose is for both parties to deeply understand the technology Circle provides to the market and explore business possibilities by integrating it with existing systems.
Disparte stated that stablecoins were initially dismissed as casino chips for internal crypto use, but will eventually enter mobile apps like KakaoPay and Toss.
Disparte Compares OUSD to Meta's Libra Project
Circle's increased global institutional engagement relates to intensified stablecoin competition. The Open Standard stablecoin consortium recently announced plans to launch Open USD (OUSD) in the second half of this year (no year specified in source) in collaboration with over 140 companies including Visa, Stripe, and Samsung Electronics. Disparte stated he personally sees OUSD as very similar to Meta's Libra project. He said OUSD is likely to face the same regulatory risks and difficulties Libra encountered. Disparte previously served as policy head of the Libra Association. Unlike Circle, which enters markets according to country-specific regulations, OUSD is organized around multinational corporations like Libra. However, Disparte noted that global payment companies like Visa viewing stablecoin's future positively and preparing for it is very positive news, demonstrating the arrival of an 'Always-on Money' era.
Circle Develops Arc Blockchain for Institutional Requirements
Circle unveiled Arc, a blockchain specialized for payments, and conducted a presale in May (no year specified in source). Arc aims to provide infrastructure capable of operating actual economic systems beyond simple stablecoins or payment networks. Disparte explained that Arc's development resulted from 13 years of frontline blockchain experience while complying with the highest regulatory standards. Operating USDC on 34 blockchains led Circle to recognize the need for a chain satisfying institutional requirements.
Disparte stated that if a South Korean financial institution permanently records customer small-transaction details on a public blockchain, it would constitute a serious violation of domestic personal information protection laws. He explained Arc is equipped with privacy features institutions require. Disparte said Arc's goal is to provide privacy and security for institutional players while maintaining a developer-centered open ecosystem. He stated that while numerous chains are emerging, Circle's network effects, liquidity, and regulatory compliance are unparalleled.
Network Effects Central to Stablecoin Success
Disparte repeatedly emphasized network effects during the interview. He stated that hundreds of millions of wallets worldwide support USDC, and this massive network effect is nearly impossible for individual countries to replicate through laboratory-level projects alone. He explained that currency is fundamentally governed by strong network effects. Disparte noted that the market will see various forms of digital money coexist in the future, including CBDCs, deposit tokens, and stablecoins. He emphasized that all forms of digital money must be able to interact freely with each other to make remittances faster, cheaper, and more efficient.
Disparte concluded that opening markets rather than blocking regulations enables capturing network effects. He stated that major global asset managers and banks are already betting everything to integrate blockchain to avoid losing technological leadership. He emphasized that South Korea's economy must capture this first-mover advantage based on its already excellent infrastructure.
FAQ
What did Circle's CSO say about South Korea's stablecoin regulation on May 23?
Dante Disparte stated during a Seoul interview that South Korea must prioritize speed in adopting stablecoin technology. He said regulatory delays are acceptable but technological delays are not, and recommended South Korea reference the US GENIUS Act and EU MiCA to become Asia's financial hub.
Why did Circle sign MOUs with Kakao and Toss?
Circle announced MOUs with Kakao Group and Toss on May 23 for cooperation in blockchain-based payment infrastructure and digital asset technology. Disparte explained the purpose is for both parties to understand Circle's technology and explore integration with existing systems, noting executives view Web3 preparation as urgent.
How does Circle's Arc blockchain differ from public blockchains?
Circle developed Arc with privacy features required by institutions. Disparte stated that recording customer transactions on public blockchains would violate South Korean personal information protection laws, so Arc provides institutional privacy while maintaining a developer-centered open ecosystem.
