Circle has proposed collaborating with South Korea's financial sector on a US dollar stablecoin, rather than a Korean won stablecoin. During a meeting with executives from the country's four largest financial institutions, Circle President Heath Tarbert clarified that there is no intention to develop a Korean won stablecoin. Instead, he introduced Circle's US dollar stablecoin and suggested potential cooperation. The visit by Circle's president is seen by South Korean financial institutions as an effort to secure market share for Circle's token. This comes amid calls within the South Korean financial community for swift regulation of offshore stablecoins, which could disrupt the domestic market. Tarbert's visit is interpreted as an attempt to engage with banks ahead of potential regulatory changes.