Circle's technological prowess synergizes with Hana Bank, leading the domestic market.

Circle and Hana Bank have joined hands to cooperate on stablecoin business, as expectations grow for the issuance of a won-based stablecoin with the acceleration of stablecoin legislation in Korea. This aligns with Circle's exploration of overseas markets and Hana Bank's proactive efforts to secure market leadership. Recently, political circles have been consecutively proposing bills related to stablecoins. In June, Democratic Party member Min Byung-deok was the first to represent a bill including a regulatory framework for stablecoins called the 'Digital Asset Basic Law'. Subsequently, An Do-geol from the same party proposed a more specific bill on stablecoin regulations, and Kim Eun-hye from the People Power Party also introduced a related bill. It is known that Kang Jun-hyun, the ruling party's standing committee member, is preparing to propose the 'Digital Asset Innovation Law' that defines stablecoins. Financial authorities are also accelerating the preparation of government proposals. Circle's interest in the Korean market is not unrelated to this institutionalization trend. As the issuer of USDC, ranked second in the global stablecoin market share, Circle has been expanding into overseas markets with a 'localization strategy' aligned with each country's regulations. In Europe, they issued a euro-linked stablecoin (EURC) meeting the EU's cryptocurrency market regulation MiCA, and in Japan, they are entering the local market by strategically investing in JPYC. Circle reportedly conducted private meetings with the Bank of Korea, financial authorities, and parliamentary officials in the first half of this year. The visit of Circle's second-in-command Heath Tarbert at the end of this month is also interpreted as part of these efforts. Hana Bank appears to be aiming to secure Circle as a key partner to preempt the future won-based stablecoin market. The bank has previously filed multiple trademark applications for KRWC, HanaKRW, and KRWH, indicating its intention to enter the market. Hana Bank is actively reviewing its stablecoin business, monitoring regulations, analyzing infrastructure requirements, researching utilization methods, and building partnerships. The group is operating a company-wide working group covering custody, security token offerings (STO), and blockchain infrastructure. Some speculate that Circle may be exploring various scenarios, including establishing a local corporation and investing in local payment infrastructure in line with domestic regulations. In Japan, USDC was officially listed through SBI VC Trade in March, and the SBI Group invested $50 million in Circle during its IPO in June. A financial industry official noted that as legislation progresses, the business direction will become more visible.