Nikolas Sargeant
TL;DR
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Circle has signed new partnership agreements with Kakao Group and Toss Bank to expand stablecoin adoption in South Korea.
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The collaborations will explore blockchain-based payment infrastructure and stablecoin payment solutions powered by USDC.
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The announcement builds on Circle's earlier partnerships with South Korean crypto exchanges Upbit and Bithumb.
Stablecoin issuer Circle is accelerating its expansion in South Korea after announcing two new strategic partnerships with Kakao Group and Toss Bank aimed at advancing blockchain-based payments and digital financial services.
The agreements mark another step in Circle's efforts to grow the adoption of its USDC stablecoin across one of Asia's most active cryptocurrency markets.
Circle Partners with Kakao Group
Circle revealed that it has signed a Memorandum of Understanding (MoU) with Kakao Group to explore the development of blockchain-powered payment infrastructure in South Korea.
Circle 🤝 Kakao Group
— Circle (@circle) July 23, 2026
Circle and Kakao Group have signed an MOU to explore blockchain-based payment infrastructure and digital asset technologies in Korea.
Together, we’ll assess opportunities for USDC and Circle’s global payment rails across payments, settlement, and digital… pic.twitter.com/MmZRd19iIH
Kakao operates one of the country's largest digital ecosystems through its flagship services, including:
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KakaoTalk, South Korea's leading messaging platform.
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Kakao Pay, a widely used digital payments service.
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KakaoBank, one of the country's largest digital banks.
By collaborating with Kakao, Circle aims to examine how blockchain technology and stablecoins can enhance payment systems and financial services within the group's extensive digital platform.
Toss Bank Explores Stablecoin Payments
Circle also announced a separate partnership with Toss Bank, focusing on evaluating opportunities for stablecoin-based payment solutions.
Toss Bank has steadily expanded its blockchain initiatives in recent months. In June, the internet-only bank partnered with the Solana Foundation to develop blockchain-powered financial infrastructure designed for global users.
The collaboration with Circle could further strengthen Toss Bank's digital asset strategy by exploring how regulated stablecoins such as USDC can support faster and more efficient payment services.
The latest agreements build upon Circle's growing presence in South Korea. Earlier this year, the company entered partnerships with Upbit and Bithumb, the country's two largest cryptocurrency exchanges. Together, the platforms frequently account for more than 95% of South Korea's daily cryptocurrency trading volume.
At the time, Circle CEO Jeremy Allaire said the collaborations were designed to expand the availability of USDC on Korean exchanges while supporting broader technology partnerships tied to the company's blockchain initiatives.
Those agreements laid the groundwork for increased USDC adoption among Korean crypto traders, while the new partnerships extend Circle's reach into mainstream financial services and digital payments.
Circle's expansion comes as competition within the stablecoin market continues to intensify.
According to the latest market data, USDC had a circulating supply of approximately $74.4 billion as of Thursday, making it the world's second-largest stablecoin.
Market leader Tether's USDT remains significantly larger, with a circulating supply of approximately $184.3 billion.
As regulatory clarity around stablecoins improves in several jurisdictions, issuers are increasingly pursuing partnerships with banks, payment providers, and financial technology companies to expand real-world adoption.
By working with major technology and banking firms in South Korea, Circle is positioning its stablecoin for broader use in digital payments, cross-border transactions, and blockchain-based financial services.
