Circle CEO says a Korean won stablecoin is essential

During a visit to Seoul, Circle (CRCL) CEO Jeremy Allaire stated that currencies without a stablecoin will be left behind in future competition. He said a Korean won stablecoin is essential for the South Korean economy to remain competitive in the global market. Allaire clarified that while Circle does not plan to issue a won-based stablecoin itself, it could provide the necessary infrastructure to companies that do. He emphasized that Circle still sees significant opportunities in South Korea, citing its stablecoin-dedicated chain, Arc, and its Circle Payments Network (CPN).