U.S.-based Circle, a significant player in the crypto stablecoin field, announces a partnership with South Korea's Hana Bank.
South Korean Bank Hana Bank Partners with Circle to Advance Stablecoin Business
In a significant move for the stablecoin sector, South Korean commercial bank Hana Bank has partnered with Circle, a company managing USDC, a cryptocurrency stablecoin pegged to the US dollar. The comprehensive business agreement was signed in May 2025 [2][3].
The partnership, a new development in the field, is focused on exploring stablecoin business opportunities in South Korea. No details have been decided at the current stage, according to a Hana Bank official [1].
Circle’s CEO, Heath Tarbert, visited South Korea in August 2025 and held comprehensive meetings with Hana Bank and other major Korean financial institutions to explore partnerships, regulatory frameworks, and the expansion of USDC’s presence in the Korean market [1][4][5].
Other major Korean banks, including KB Kookmin, Shinhan, and Woori, are also preparing for a potential alliance with Circle to participate in the stablecoin sector. Discussions are expected to cover blockchain-based financial services and practical digital currency applications in Korea [3][5].
Hana Bank has applied for trademark registration of 16 stablecoin brands in June, indicating its active interest in the stablecoin sector [6]. The move by Hana Bank into the stablecoin sector is a recent development.
This partnership between Hana Bank and Circle is part of Circle's broader localization strategy, similar to their moves in Europe and Japan, aiming to adapt to Korea’s evolving regulatory environment and facilitate both distribution and international remittance of dollar-denominated stablecoins [1][5].
As the Korean government works toward legalizing won-backed stablecoins and related digital asset regulations, this partnership is progressing from an MOU to active strategic discussions involving regulatory adaptation, USDC distribution enhancement, and exploration of new stablecoin issuance opportunities amid accelerating domestic regulatory developments [1][3][5].
Sources: [1] CoinDesk (2025). Circle CEO visits South Korea to discuss stablecoin expansion with local banks. [Online] Available at: https://www.coindesk.com/2025/08/10/circle-ceo-visits-south-korea-to-discuss-stablecoin-expansion-with-local-banks/ [2] ZDNet Korea (2025). Hana Bank and Circle sign agreement to advance stablecoin business in South Korea. [Online] Available at: https://www.zdnet.com/article/hana-bank-and-circle-sign-agreement-to-advance-stablecoin-business-in-south-korea/ [3] The Korea Herald (2025). Hana Bank and Circle to discuss blockchain-based financial services and stablecoin issuance. [Online] Available at: https://www.koreaherald.com/view.php?ud=20250812000862 [4] The Investor (2025). Circle CEO meets with Hana Bank to discuss stablecoin expansion in South Korea. [Online] Available at: https://www.theinvestor.co.kr/view.php?ud=20250810000112 [5] Cointelegraph (2025). Circle CEO meets with South Korean banks to discuss stablecoin expansion. [Online] Available at: https://cointelegraph.com/news/circle-ceo-meets-with-south-korean-banks-to-discuss-stablecoin-expansion [6] Yonhap News (2025). Hana Bank applies for trademark registration of 16 stablecoin brands. [Online] Available at: https://en.yna.co.kr/view/AEN20250615003250325
The partnership between Hana Bank and Circle is focused on exploring stablecoin business opportunities in South Korea, which aligns with Circle's localization strategy in various regions, including finance and technology sectors. This move by Hana Bank into the stablecoin sector is a recent development, as they have applied for trademark registration of 16 stablecoin brands.
