Tether, the issuer of the world's largest stablecoin 'Tether (USDT),' has begun hiring employees to expand its business in Korea.

Tether has a market capitalization of $150 billion and is used as the key currency of the global virtual asset market.

As the world’s largest stablecoin issuer, Tether is hiring employees in Korea to expand its business.

A cryptocurrency exchange said on Monday that a position as an “expansion manager” in charge of rental-style work in Korea has been posted on the U.S. jobs website Indeed.

The position will be responsible for the growth and adoption of tethers in the Korean market. It will also identify new business opportunities in the Korean market, sign partnerships, and identify the regulatory environment.

In addition to Korea, Tether is hiring similar occupations in 23 regions, including Hong Kong, Singapore, Taiwan, Japan, and the Middle East.

Earlier, Tether opened its first office in El Salvador in January of this year, with all other employees working from home around the world. The personnel to be hired in Korea will also work remotely.

It seems that Tether's move to enter the Korean market is due to the fact that stablecoins are being used continuously in the Korean cryptocurrency market and the size of the virtual asset investment market is expanding.

According to data from the Democratic Party’s Min Byung-duk, who received it from the Financial Supervisory Service to the five major cryptocurrency exchanges (Upbit, Bithumb, Coinone, Cobbit, and Gopax) in Korea, the total amount of cryptocurrency withdrawn from domestic exchanges from January to March was 56.8067 trillion won. Of these, 47% or about 27 trillion won is dollar-based stablecoins such as Tether and Circle (USDC).

The industry expects that if Tether begins to enter the Korean market in earnest, it will make a big difference in commission-based domestic payment companies such as credit card companies.

In particular, Tether is focused on the payment market. It plans to launch a payment-only stablecoin in the U.S. as early as late this year or early next year. Unlike USDT, the coin will be mainly used for payment and is expected to meet U.S. regulations.

Recently, at Token 2049 in Dubai, Tether CEO Paolo Ardoino announced the plan.

When payment through stablecoins is applied, consumers pay in the same way as normal card payments in real life, but the settlement work of credit card companies can be replaced through stablecoins.

For this reason, the industry predicts that if stablecoins enter Korea in earnest, it will pose a threat to fee-based payment systems such as credit card companies and payment agencies (PGs).

The Bank of Korea has also expressed concern about the use of stablecoins for payment.

“Stablecoin has a great impact on the central bank's policy implementation, such as monetary policy, financial stability, and payment settlement,” the Bank of Korea said on Monday. “It is necessary to give the central bank practical legal authority at the authorization stage regarding the regulation of issuer entry.”

News data source: kdj.com

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