USD Coin trading volume surges 95%! Circle executives meet with the Bank of Korea in a flurry of meetings as the stablecoin battle escalates

Gate News message: In 2026, the South Korean crypto market has seen clear changes, and the trading activity of USD Coin (USDC) has surged rapidly. Data shows that on a certain local CEX, USDC-related trades account for as much as 95%, while on another CEX platform, the figure is also close to 60%, reflecting that market demand for USD-backed stablecoins is being unleashed quickly.

Against this backdrop, Circle CEO Jeremy Allaire plans to visit South Korea next week and hold in-depth discussions with multiple banks and industry institutions. According to local media reports, the talks will focus on stablecoin use cases in real-world deployments, cross-border payment cooperation, and potential development paths for a Korean won stablecoin, carrying significant strategic importance.

Insiders say that the Circle team will conduct multiple rounds of discussions with major financial institutions such as Kookmin Bank, Shinhan Bank, and Hana Bank, with an emphasis on exploring the expansion potential of USD Coin within the local payment system. At the same time, Circle will also exchange views with leading local platforms and operators to further deepen stablecoin adoption in trading and settlement scenarios.

It is also worth noting that South Korea’s regulators are accelerating progress on stablecoin legislation. The policy direction indicates that in the future, the issuance of a Korean won stablecoin may need to be led by commercial banks, which provides an institutional basis for traditional financial institutions to participate in the digital-asset space. Under this trend, Circle is trying to build a closer cooperation relationship with local institutions via its technology platform, Circle Mint, to get ahead of the market.

Previously, Kookmin Bank had already completed a proof-of-concept test related to stablecoins with Circle, and their collaboration is gradually moving from technical validation toward real-world application. Meanwhile, Shinhan Financial Group and Hana Financial Group also plan to engage further with Circle to promote the use of stablecoins in international settlement and payment networks.

From a more macro perspective, South Korea’s stablecoin market is shifting from trade-driven competition toward competition at the level of financial infrastructure. The rapid growth in USD Coin trading volume, combined with a progressively clearer policy environment, could accelerate stablecoin penetration across Asian markets. In the future, competition surrounding cross-chain technology, payment integration, and the issuance of localized stablecoins will become a key focus for the industry.