What happened?
Tether executives met with representatives from South Korea’s Shinhan Bank and other domestic fintech companies on September 8. This was not just for a blockchain conference but also to discuss potential partnerships and expansions. Tether, known as the company behind the stablecoin USDT, is aiming to build networks of mutual interest with South Korean financial firms.
Who does this affect?
This impacts Tether, the South Korean fintech industry, including heavyweights like Shinhan Bank and Toss, and other international entities interested in stablecoins. It may also impact tech firms and start-ups in South Korea, as lawmakers debate whether such businesses should be allowed to issue stablecoins, currently a privilege only granted to large financial groups.
Why does this matter?
The meetings between Tether and South Korean financial firms signify a potential expansion of stablecoin use and partnerships in the region. This could influence the global market and reshape how businesses operate within it. The continuing discussions could also impact the legislative decision-making process around who should be allowed to issue stablecoins in South Korea, given the growing interest from large tech firms and start-ups.