Circle, the U.S. company issuing USDC, the second-largest global stablecoin, has begun recruiting personnel in the Korean market. The market speculates that Circle is actively preparing to enter the domestic market and may establish a Korean subsidiary to expand its business.
According to the financial industry on the 17th, Circle has recently drawn up plans to recruit personnel to oversee its overall domestic operations and has initiated an informal hiring process.
Some industry professionals have reportedly been directly approached by Circle. Until now, Circle has managed the Korean market through its Asia-Pacific hub in Singapore without dedicated local personnel.
As this is their first recruitment, Circle plans to primarily select a small number of management-level staff who can oversee market research, government relations, strategy development, and corporate partnerships. This is interpreted as an effort to enhance responsiveness as discussions on stablecoin legislation in the National Assembly gain momentum and relevant authorities prepare guidelines for incorporating stablecoins into the regulatory framework.
Circle has been expanding its connections with domestic companies and financial institutions. In May, Circle signed a memorandum of understanding (MOU) with Hana Bank regarding stablecoin business and is discussing specific collaboration methods. This month, they plan to contact Shinhan Financial Group and Kakao Pay to explore potential cooperation. Circle is reportedly reviewing collaboration models with domestic companies in various areas such as overseas remittances, payments, and digital asset payment infrastructure. A commercial bank official stated, "Major banks are competitively exploring cooperation strategies with Circle."
There are also discussions about Circle establishing a Korean legal entity. Circle already operates a local subsidiary 'Circle Japan' and a joint venture with Japanese financial group SBI Holdings, simultaneously issuing and distributing USDC and engaging in corporate and financial institution partnerships. Circle began USDC circulation in Japan through these two entities in March.
Circle is the second-largest stablecoin issuer globally after Tether, with a market share of approximately 26%. In April, Circle announced the introduction of the Circle Payment Network (CPN), presenting a blueprint to establish a global payment infrastructure enabling financial institutions worldwide to integrate USDC services. The goal is to replace traditional financial payment networks like SWIFT or Visa. According to the U.S. Securities and Exchange Commission, Circle currently has legal entities or branches in 12 countries, including the United States, France (European hub), Canada, Singapore (Asia-Pacific hub), and Japan.
Korea is considered a market with relatively high stablecoin utilization potential due to its advanced digital financial infrastructure and mobile payment penetration. Major fintech companies like Naver and Kakao, along with banks and card companies, have proactively prepared by forming task forces and cross-industry consortiums to enter the stablecoin market even before legislation. โ Refer to the August 12th issue, pages 1-2
- Reporter Gong Jun-ho
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