The global crypto industry is rapidly approaching regulatory normalization, with Circle, the issuer of USDC, now at the forefront. The recent passage of the GENIUS Act by the U.S. Senate formally recognizes stablecoins as legitimate financial instruments and requires them to be backed by U.S. Treasury bonds — signaling a major shift toward mainstream financial integration.
As a result, Circle’s stock price has skyrocketed, recently closing at $199.59, representing a 33.8% daily increase and over 540% surge from its IPO price. Since listing, the stock has multiplied nearly fourfold, drawing sharp attention from global investors.
Korean investors have also joined the rally. Seohak ants (Korean retail investors in overseas stocks) have purchased more than $170 million worth of Circle shares in June, making it the second most bought foreign stock. Domestic investors (Donghak ants) are also flocking to fintech and payment companies like Kakao Pay, riding the growing interest in stablecoin-related themes.
Amid this market enthusiasm, Circle has taken concrete steps toward entering the Korean market. The company recently held closed-door meetings with senior officials from the Bank of Korea and National Assembly, reportedly to discuss the future of stablecoins and potential policy collaboration. Further meetings with the Financial Services Commission (FSC) are also in the pipeline.
However, the Bank of Korea remains cautious. Governor Rhee Chang-yong warned that introducing a Korean-won-based stablecoin could increase the burden on foreign exchange policy management and disrupt commercial banks’ profit models. While not opposed to the concept, the central bank currently sees no urgency for implementation.
Despite this conservative stance, South Korea’s National Assembly is actively pushing legislation. A Digital Asset Basic Act has been proposed, outlining definitions, issuance requirements, and supervisory frameworks for stablecoins — reflecting growing political interest in building a digital financial ecosystem.
