South Korea is advancing its regulatory framework for stablecoins, moving beyond initial discussions to focus on institutional design and interest negotiation. Recent statements from Shin Hyun-soong, nominee for Governor of the Bank of Korea, indicate a shift towards integrating won-stablecoins into the monetary ecosystem, complementing central bank digital currencies and deposit tokens. The regulatory approach emphasizes a gradual integration of banks, with potential expansion to non-bank institutions. Circle and Tether are positioning themselves differently in response to these developments. Circle's strategy aligns with South Korea's regulatory preferences, focusing on providing technology and platform support for local issuers rather than issuing its own won-stablecoin. Circle is actively engaging with regulators and financial institutions to establish a local presence. In contrast, Tether is focusing on expanding the circulation and trading of its stablecoin, engaging with Korean institutions to enhance USDT's adoption for cross-border transactions and payments. The strategic approaches of Circle and Tether highlight differing priorities in entering the South Korean market.