PANews reported on August 28th that Circle has proposed issuing a US dollar stablecoin, rather than a Korean won stablecoin, to South Korea's financial sector. Circle President Heath Tarbert, during a meeting with key executives from the country's four largest financial institutions, stated that "there is no intention to collaborate on a Korean won stablecoin," and introduced Circle's US dollar stablecoin and proposed cooperation.

The four major financial institutions believe that Circle's president's visit to South Korea is motivated by the need to secure Circle's token market share. However, some in the South Korean financial community have recently called for swift regulation of offshore stablecoins. The potential for domestic circulation of offshore stablecoins could disrupt the market. This explains why Tarbert's visit to South Korea is being interpreted as a ploy to persuade banks before regulatory measures are implemented.