According to South Korean media outlet News1, as South Korea makes slow progress in establishing regulations related to the issuance of the Korean won stablecoin, the world's top two stablecoin issuers, Tether and Circle, are accelerating their efforts to capture the Korean market. Currently, Tether is recruiting for multiple positions in Korea, including a public relations manager, blockchain investigator, and government relations representative, to prepare for the upcoming Digital Asset Basic Act (Phase Two legislation, which is expected to require overseas stablecoin issuers to establish a branch in Korea to be able to circulate). Meanwhile, Circle's USDC has recently gained approximately 10% market share in trading activity on Korean cryptocurrency exchanges.