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Circle Has No Plan for Won-Pegged Stablecoin, CEO Jeremy Allaire Says

Circle Has No Plan for Won-Pegged Stablecoin, CEO Jeremy Allaire Says

Circle says it is monitoring South Korea’s stablecoin policy debate and could pursue local licensing and a branch office if foreign issuers receive a clear compliance route.

USDC

Fact Check
The claim is strongly supported by the traced upstream report, "Jeremy Allaire says Circle won’t launch won-pegged stablecoin, but plans to monetise South Korean crypto boom," which directly states that Allaire said Circle has no plan to issue a won-pegged token and would pursue licensing and a South Korean branch if a legal path exists for foreign companies. This is independently corroborated by "Circle’s Allaire says no KRW stablecoin, but eyes South Korea expansion," which repeats that Circle ruled out a KRW stablecoin for now while considering local licensing and a Korean unit under a clear framework. "Circle CEO: We will not issue a stablecoin in the Korean won; we will rely on technology services to expand our presence in the Korean market. | PANews" aligns closely with the same details. I found no conflicting evidence in the corroboration attempt.
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Summary

Circle said it has no current plan to launch a Korean won-pegged stablecoin, but CEO Jeremy Allaire stated in Seoul that the company is closely following South Korea’s ongoing regulatory discussions around stablecoins. He said Circle would consider applying for a license and opening a local branch if foreign stablecoin issuers are given a clear compliance framework. The update also highlighted USDC’s presence in the local market, with the stablecoin accounting for about 42% of daily trading volume on Coinone.

Terms & Concepts
  • Stablecoin: A cryptocurrency designed to hold a stable value, typically by being linked to a fiat currency or other reference asset.
  • USDC: A U.S. dollar-pegged stablecoin issued by Circle that is widely used for trading, payments, and on-chain transfers.
  • Korean won-pegged stablecoin: A stablecoin designed to track the value of the South Korean won rather than another currency such as the U.S. dollar.