| Shinhan Financial Group Chair Jin Ok-dong (Shinhan Financial Group) |
Shinhan Financial Group Chair Jin Ok-dong held a meeting with senior executives from El Salvador-based stablecoin issuer Tether, as financial institutions and fintech companies here intensify their focus on digital assets.
Jin met with Tether’s Vice President Marco Dal Lago, APAC Regional Head Queen Le and Latin America Manager Andre Kim at Shinhan’s Seoul headquarters on Monday.
The discussions centered on market trends and the potential for building a robust network between the firms, showing Korea’s strategic interest in integrating stablecoins into its financial ecosystem.
Jin previously engaged with Chicago-based stablecoin issuer Circle President Heath Tarbert in late August to discuss the future of dollar-pegged stablecoins amid rising adoption of digital currencies.
The Shinhan chair cautioned that “the growth of platform companies and digital assets could pose a threat to traditional bank deposits,” emphasizing the need for Korea to develop a comprehensive technological ecosystem for stablecoins, which is currently still in an early stage of development talks.
The group's affiliate, Shinhan Card, along with other major credit card companies, has completed preliminary preparations for issuing won-backed stablecoins. Ongoing discussions on legal frameworks and government policies have rekindled debate over digital asset regulation with Korea’s active push to develop its digital financial infrastructure.
“Trust is built through consistent performance over time. To succeed in this new era, we must leverage cutting-edge technologies such as AI and blockchain to safeguard assets and enhance consumer confidence," Jin said during the group's 24th foundation anniversary, which fell on Sept. 1.
Other financial institutions here are also preparing for potential integration. KB Kookmin Bank’s digital officers are set to meet Tether executives this week, while NongHyup Financial’s blockchain and cryptocurrency team held a meeting with Tether’s APAC regional head earlier this month.
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