InterviewCircle to play role in Korean stablecoin issuance: company president

A banner for Circle hangs on the front of the New York Stock Exchange to celebrate the company's listing in New York City, June 5. Reuters-Yonhap

Circle President Heath Tarbert / Courtesy of Circle

Circle President Heath Tarbert said there is a possibility that the company could be involved in issuing a Korean won-pegged stablecoin, if such a project becomes institutionalized, signaling support for the development of Korea's Web3 ecosystem.

Circle is the issuer of USDC, one of the world's largest stablecoins, which is pegged to the U.S. dollar.

"We're very keen to see additional stablecoins that are well-regulated, compliant, transparent and similar to USDC," Tarbert said in a one-on-one interview with The Korea Times during his visit to Korea Thursday.

"It's possible Circle could be involved in the issuance, but it's also entirely possible that we could work with local players, local banks and other institutions that would issue it, making it interoperable with USDC and part of the Circle's stablecoin network," he added.

Circle is already issuing EURC, a euro-denominated stablecoin, in the EU, and has made a strategic investment in Japanese startup JPYC, a Tokyo-based fintech that recently secured regulatory approval to issue Japan’s first yen-denominated stablecoin.

A local report on Thursday suggested that Circle is considering a direct investment in a Korean virtual asset company. Tarbert did not confirm the details.

Having previously served as assistant secretary of the U.S. Treasury and chairman of the Commodity Futures Trading Commission, Tarbert now leads Circle's legal, compliance, policy and international expansion strategy.

According to sources, starting Thursday, Tarbert held a series of meetings with local crypto exchanges — Upbit, Bithumb and Coinone — as well as with local institutions, tech firms and industrial companies. He is also scheduled to meet with Korea’s four major banks — KB, Shinhan, Hana and Woori — along with government officials.

Tarbert said he came to Korea because it is an especially exciting time for the country.

President Lee Jae Myung and the ruling Democratic Party of Korea appear to support the issuance of Korean won-pegged stablecoins, and a flurry of discussions is currently taking place.

"It is one of the leading economies in the world, and has a thriving developer community," Tarbert said. "At the same time, there's also a great deal of participation among Koreans in the financial market, more so than in other countries as a percentage. And there seems to be an interest among a large portion of the Korean populace in digital assets."

Looking ahead, Tarbert expects Circle to play a broader role in Korea, potentially by sharing technology and insights as a stablecoin issuer, and by integrating local stablecoin capabilities into Circle’s blockchain-based payments network. He added that Circle may also invest more directly in Korea, including opening an office and hiring local personnel.

"Our bet is that as the more jurisdictions become regulated, the more they adopt the kinds of principles that circle has applied to ourselves, the stronger and quicker and faster we will grow," he said. "So we're excited about developments here in Korea, where they're going to have sound regulation, obviously."

Circle was founded in 2012, and USDC was launched in 2018. Its goal is to make participating in digital currency as simple as sending an email — upgrading the existing financial infrastructure, which it considers too slow, expensive and difficult to access. In Korea, USDC was listed on Bithumb in December 2023 and on Upbit in August 2024.