Korean regulators take strong action: Companies are banned from using USDT and USDC, and cross-border stablecoin payment plans are hindered

On March 9, news reports indicated that South Korea’s financial regulators are planning to impose stricter restrictions on corporate use of stablecoins. The latest regulatory framework established by the Financial Services Commission (FSC) shows that Korean companies may be prohibited from using balance sheets to purchase dollar-pegged stablecoins, including Tether’s USDT and Circle’s USD Coin (USDC). Once implemented, this policy could significantly impact Korean companies’ crypto asset investments and cross-border stablecoin payments.

Currently, the FSC has issued guidelines to the domestic crypto industry, restricting local platforms from opening enterprise-level crypto wallet accounts for companies. Regulators are reforming related rules, but according to South Korean media reports, the new regulatory plan will maintain strict constraints on corporate stablecoin usage. Sources familiar with the matter revealed that the working group responsible for developing corporate crypto policies has completed internal discussions, and the decision to limit companies from trading with dollar stablecoins is essentially finalized.

For Korean companies, this move is seen as a significant setback. In recent years, several listed Korean firms have called on regulators to relax restrictions on corporate participation in the crypto asset market, hoping to use stablecoins for investment or cross-border trade settlements. Some companies pointed out that US and Japanese firms have already built large Bitcoin reserves, while Korean companies have long been restricted by regulations, making it difficult to participate in this emerging financial sector.

The report also mentioned that some Korean companies engaged in cross-border trade have applied to regulators to hold USDT or USDC as corporate funds for overseas transactions. These companies believe that stablecoins, settled at real-time exchange rates, can reduce foreign exchange risk and improve cross-border payment efficiency.

In fact, the Korean National Assembly drafted a bill in October 2025 that would allow companies to use stablecoins as a payment method under certain conditions. However, the bill is still under committee review and has not been officially passed. Meanwhile, the FSC has chosen to proactively develop a regulatory framework to restrict direct corporate participation in stablecoin trading.

Sources revealed that regulators prefer to continue handling international trade settlements through traditional foreign exchange banking systems rather than allowing companies to directly use stablecoins for payments with overseas partners. Additionally, regulators are concerned about unregulated corporate investments in crypto assets during the industry’s early development stage.

It is reported that the FSC is drafting a new policy document titled “Guidelines for Corporate Cryptocurrency Transactions,” which is expected to be officially announced in the coming weeks. Industry experts generally believe that this policy will serve as a key regulatory watershed for Korean companies’ participation in stablecoin investments and cross-border payments.