Trade, Industry and Resources Minister Kim Jung-kwan attends a press conference at the government complex in Sejong, central South Korea. Photo by YONHAP / EPA
April 16 (Asia Today) — South Korea will begin receiving 27 million barrels of alternative crude oil in June, part of a broader effort to stabilize energy supplies and diversify import sources amid disruptions linked to conflict in the Middle East.
The Ministry of Trade, Industry and Energy said the shipments are part of crude secured by a presidential envoy team, with additional policy measures being introduced to support refiners facing supply uncertainty.
A senior ministry official said the envoy team secured about 223 million barrels of alternative crude, excluding 50 million barrels previously allocated from Saudi Arabia. Of that, 27 million barrels are scheduled for shipment beginning in June.
The earlier 50 million barrels are expected to be shipped in April and May through the Red Sea port of Yanbu, with confirmation from Saudi Aramco that deliveries will proceed as planned, the ministry said.
South Korean refiners had faced disruptions despite existing contracts, as shipments were affected by instability and constraints linked to the Strait of Hormuz, a key global oil transit route.
The envoy delegation has secured a total of about 273 million barrels of crude from countries including Kazakhstan and Saudi Arabia. Of that, roughly 250 million barrels from Saudi Arabia – which accounts for about one-third of South Korea’s crude imports – are expected to be delivered by the end of the year.
Officials said the government has already secured about 118 million barrels for April and May combined, indicating no immediate risk to domestic supply. Remaining volumes are expected to be shipped sequentially through the end of the year.
In parallel, the government is introducing measures to help refiners diversify import sources. For crude imported between April and June, authorities will ease requirements for refunds of the petroleum import levy and temporarily expand refund limits.
The ministry said it simplified freight cost calculations using an international benchmark index and removed restrictions on shipment volume, duration and frequency. It also temporarily lifted caps on freight cost compensation for diversified imports to expand financial support.
The program is backed by about 127.5 billion won (approximately $95 million) in funding, based on estimated demand from domestic refiners.
Officials said broader reforms may be considered if the situation persists.
The ministry also pushed back against claims that fuel consumption has increased following the introduction of a price cap. Data showed that weekly gasoline and diesel sales fell in five of seven weeks from late February to mid-April compared to the same period last year.
From mid-March to mid-April, after the price cap took effect, total fuel sales declined 12.4% year-over-year, the ministry said, urging observers to focus on overall trends rather than short-term fluctuations.
There’s a couple somewhere in Los Angeles who unknowingly inspired the second season of “Beef.”
Lee Sung Jin, the creator of Netflix’s anthology drama that swirls in the consequences of class struggles, resentment and the absurdity of life’s curveballs, once again found himself inspired by a tense interaction playing out before him. A road rage incident at a stoplight in Hollywood a few years ago, triggered by Lee’s delayed response to a green light, became the catalyst for the first season. An early idea to write about a men’s doubles partnership gone awry lost its luster after “Challengers,” Luca Guadagnino’s drama about a love triangle between tennis pros, came out. But a heated argument coming from a house in Lee’s neighborhood became the next spark that lit a narrative fuse.
“I told the story to people — it caused a little stir in the neighborhood,” he says. “And what I found fascinating was the different reactions. When I told younger folks, I’d get, ‘Did you call the police? Should you go check on them again?’ Very concerned, having an ideological view on relationships. When I told the story to older friends and couples, they were just kind of like, ‘Who among us hasn’t?’ I thought the idea of juxtaposing these couples at different stages felt like ripe ground.”
The overheard in L.A. moment inspired the eight-episode season,
Carey Mulligan and Oscar Isaac square off with Charles Melton and Cailee Spaeny in Season 2 of “Beef.”
(Netflix)
The twist-filled, darkly comic thriller kicks off when a young couple, Ashley and Austin (Cailee Spaeny and Charles Melton), who work at a Montecito country club, witness the explosive altercation between their boss Josh (Oscar Isaac) and his wife, Lindsay (Carey Mulligan), an interior designer, the night before the club’s new Korean billionaire owner, Chairwoman Park (Youn Yuh-jung), takes over. She has her own mess to tend to involving her husband (Song Kang-ho), a doctor whose health is affecting his work on patients. The calamities each couple faces spin out into a web of favors and coercion in this tale of broken systems and characters going to great lengths to get what they want.
“The idea of cycles felt interesting,” he says. “A lot of shows and movies cover marriage through the lens of one couple, you don’t really see that multigenerational juxtaposition.”
Speaking from his office on the Raleigh Studios lot in Hollywood, Lee discussed the season’s Montecito setting, the financial anxiety that drives the story and the four-legged breakout star of the show. These are edited excerpts from the conversation, which includes many spoilers.
Why did you want to set this season in Montecito?
Just writing what I know. My goddaughters — their parents are my best friends. They live in Montecito. The dad is my oldest friend in LA. He has a membership to Montecito Club, which is where we shot the exterior of our show. I was house-sitting for him during the writing of all this. He let me use his membership. I remember when he told me about the membership, I was like, “You pay how much? That’s insane, dude.” But then you start using the membership. This idea of hedonic adaptation — how humans so quickly adapt to this new comfort, this new stimulus — it felt like an interesting thing. I was observing how all the members seemed to be mostly boomers and Silent Gen; then all the workers were Gen Z and millennial. I thought: What a perfect metaphor for society right now. No matter how hard the Gen Z and millennials work, they’re never going to get to be members of this club because, as Austin says, “everyone grabbed the bag before they could.” That’s what made me want to set it at a Montecito country club.
Oscar Isaac as Josh Martin and Carey Mulligan as Lindsay Crane-Martin. Cailee Spaeny as Ashley Miller and Charles Melton as Austin Davis. The second season of “Beef,” follows the two California couples from different socioeconomic backgrounds — though both are struggling — as they spiral into a high-stakes feud.(Netflix)
That feeling of survival and resentment and entitlement really looms over this season. There’s speeches about love, but also capitalism. The anxiety about finances is so prevalent right now.
We certainly didn’t set out to make a season about capitalism. But if you’re constantly trying to chase truth as writers, I don’t know how you say anything in the modern era, in 2026, and not have capitalism be a huge variable because it permeates every aspect of life. It’s like going to get gas. Gas is almost $7 right now. You have to fill your tank and there goes $140? That’s crazy. And relationships face so much stress — everyone is being hit by all these curveballs and trying to keep your head above water — how can you enjoy each other?
It became very obvious to us that if you’re going to write a season about marriage and love to these two couples, financial implications have to be a big factor. There’s a lot of talk about the disappearance of the American dream right now. Birth rates are declining. No one’s owning homes anymore. But then you also see headlines about everyone’s scamming. CVS has everything locked down. You’re like, “Yeah, no wonder.” Everything’s connected. We wanted to really show how that survival instinct, the desperation, is starting to come for everyone. I don’t think it’s going to get easier, especially with AI moving on the horizon, and with leaders who refuse to put checks and balances in place.
Part of Ashley’s story is using the video of the fight between Josh and Lindsay as blackmail to get health insurance so she can afford treatment for her endometriosis. And that moment where she’s waiting in the ER for hours and it’s not until she collapses that they realize she needs emergency surgery — her big concern is whether she has to pay the deductible.
I wrote that episode in a literal day because it was based on an experience I had in an ER with my daughter’s mother. She had this illness fall upon her. We spent 12 hours at the ER and, the whole time, I had my Notes app out and was just writing down everything I saw. Almost everything in that scene is stuff that happened in real life. Our healthcare system is absolutely insane. It’s, again, unhinged capitalism and … felt like it really unlocked so much of the season.
There’s a moment where Josh has to sell some of his prized possessions to pay a gambling debt. Have you been there, needing to sell things to cover your financial obligations?
I’ve been there multiple times. I obviously struggled to find my way for a long time, even after becoming a writer. If you’re in a writing partnership, in a staff job on a show — first of all, this is what the guild has been fighting, trying to get these longer-term employment windows because these jobs sometimes are only … maybe eight to 12 weeks. You’re splitting a staff salary in two [if you’re in a partnership], and you probably haven’t qualified for health insurance by the end of that run. Sure, you’re a working writer, but I remember [by the time I landed at] “Always Sunny in Philadelphia,” my first real writing job, I had amassed so much debt, half of which were from parking tickets. I just didn’t have the money to pay these tickets, and so I just let them run rampant. So, yeah, I’ve been there. There’s this one guitar that I loved; it was the first guitar I bought with my own money after college — it was a Fender Telecaster. I think I bought it for $1,200. I ended up selling it for $300. I’ve sold collectibles. I’ve sold anything that had gold in it. I’ve scrapped to just find anything because you’re desperate.
Song Kang-ho as Dr. Kim, Youn Yuh-jung as Chairwoman Park in “Beef.” Recalling the opportunity to direct the pair, Lee says: “It just makes me feel like a little kid again. It stops feeling like work and starts feeling like play.”
(Netflix)
You directed this season. Is there a moment that stands out with this cast?
A peak of my career that I think about daily is the moment in Korea where we were shooting at Amorepacific. It’s one of the most beautiful buildings in Seoul. I’m shooting the scene between the great Youn Yuh-jung and the great Song Kang-ho — two of not only my favorite Korean actors, but favorite actors period. They have never been in a scene together in any Korean film ever. They’ve been in a movie together, but never acted together. And here we are making Korean history by having them shoot that breakfast scene and, while I’m in the middle of shooting that scene, director Bong Joon Ho surprises us on set. He comes over laughing, pulls up to me, looks at my monitor, gives me stage fright, then elbows me and says, “You sure you want to frame it like that?” He was teasing. Then we started shooting the scene, it’s all in Korean, and I look back at video village and Bong’s just doubled over in laughter. He is just cracking up. Younger me, and present me, is looking around like: Here I am in Korea, in this building I’ve always wanted to shoot in, two of the greatest living actors and the greatest living director — what is happening? What a crazy sentence to say. It just makes me feel like a little kid again. It stops feeling like work and starts feeling like play.
How did you want race and identity to figure into this season, particularly through Austin?
Charles was the first piece of the whole thing. After Season 1, I got to go to Korea multiple times. I shot a music video for one of the members of BTS. I was experiencing Austin’s journey of being courted by this level of Korea that I’d never been exposed to before and feeling warm and allured by it — I’m having dinners with K-pop idols, like what is happening? So, I knew I wanted to have that element of elite Korea involved. The writers and I discussed a lot whether it should be a Korean American that’s being pulled. We had covered a lot of Korean American ground in Season 1, [but] one of the things we didn’t get to cover is the half-Korean experience. Several of the writers on staff are either half-Asian or half-Korean. We don’t want to repeat things, but let’s do explore a half-Korean character who is about to have a child suddenly get this pull toward Korea.
Carey Mulligan as Lindsay acting alongside Jones, the dog who plays Burberry, in “Beef.” “Jones is the best dog actor I’ve ever worked with,” Lee says. “A24 is making Burberry merch. There’s going to be a Burberry shirt.”
(Netflix)
There are some pretty gross, petty and violent acts of revenge. One is Ashley swirling her period blood in Josh and Lindsay’s pitcher of orange juice. The other takes place during a flight — Lindsay wiping gunk from the toilet seat and transferring it to the rim of the cup Ashley drinks from. Please explain how you arrived at these acts. Were there any left on the cutting room floor?
Episode 4 was pouring out of me. And I remember I got to the point where Ashley snooping through the house [where Lindsay and Josh live]. Initially, I had her scratching up the trophy. She opened Josh’s pomade and blew a snot booger into it. I was thinking of juvenile things. But I had the thought of her going to the kitchen and having the thing that happened to her being the expression of her revenge. I remember I was so nervous to show the [writers’] room. The way I wrote it, I had her crouching over the pitcher and Anna Moench, as the main female writer on the show, was like, “Sonny, I don’t think you know this works.” So, we revised it. That’s how the OJ one happened. With Episode 7 [and the toilet seat], we wanted to have a bodily episode on a plane, and there’s just such limited ways to get revenge on a plane. But given the OJ drink — there’s so many mirrors between the two couples, we thought it’d be fun to mirror that with a drink from Lindsay to Ashley. The only place to do that on a plane is bathroom. We shot it on stage with a fake toilet and Carey was almost vomiting. She came to me after that scene, and she goes, “Sonny, in all my years in this business, that is the most vile, disgusting thing I’ve ever had to do.”
The final moments of the finale jumps eight years. Did you always know you wanted a time jump? And did you always know Ashley and Austin were going to repeat the cycle?
The Ashley and Austin side, I knew the inverse graph for both characters would be very satisfying — to me, at least. I didn’t know whether that happened in a time jump or not. That’s something we discovered later. There was great debate in the room. I had a couple writers plead with me, “Why aren’t you ending with the kiss? It’s so sweet. It’s so good. I feel so good at the kiss. Can we just end it at the kiss?” I took it very seriously, but then it felt very similar to Season 1’s ending. Taking two people who start apart and they finally discover that connection but too late. I didn’t want to leave with the same feeling. How we can make it different is the “what happens next?” Life comes at you fast. He’s [Josh] still in prison. She’s [Lindsay] got to move on. Once I started heading down that thought experiment, I’m like, “Whoa, you could do a whole coda showing the literal theme of the show, the cycles, that’s where we can show Ashley and Austin becoming Josh and Lindsay.” That’s where we show, even though they found a connection, it’s lost between Josh and Lindsay — even if they’re still hanging on to the past a little bit. You show Troy and Ava still together [laughs] — they have it all figured out. Then you show the billionaire who, even with all the money in the world, is crying at the graveside of her first love, filled with regret.
We didn’t see where Eunice (Seoyeon Jang)ends up.
I wanted to leave it open. I’m very curious what people think. She really put her neck out there. Austin burned her bad. I don’t know where Eunice is at but it’s probably not good.
Charles Melton as Austin Davis in “Beef.”
(Netflix)
We can’t talk about “Beef” without discussing the needle drops. When you have Austin listening to Billie Eilish’s “What Was I Made For?” it was over for me.
The needle drops are usually pre-picked even before we shoot. The source music that’s playing diegetically, usually we discover in the edit. Before, as scripted, it had him scrolling Instagram and it was [the song playing on] his Instagram feed — you know how those Reels have music overlayed on a POV? It just wasn’t that funny to me in the edit. He’s so down and out and I wanted to find different source music in there. One day, I told my editor, “Can you rip ‘What Was I Made For?’ And can you just temporarily do it where, as she opens the door, he’s like, pressing the volume up, being like ‘sh— … sh— …’ [intending to make the volume go down]?” Our AE [assistant editor] did the ADR temporarily of the “sh—, sh—,” filmed it on my phone and I texted it to Finneas [O’Connell, the show’s composer, who is Eilish’s brother and collaborator] being like, “Hey, is it cool if we do this?” And he was dying laughing. [O’Connell also makes a cameo in the season.]
Ahead of Season 1, you gifted the writers “The Sopranos Sessions” and also assembled a Letterboxd list of films that served as reference points. What guidance did you provide for Season 2?
I sent another Letterboxd playlist. For inspo, we got “Handmaiden,” “Phantom Thread,” “Force Majeure,” “Eyes Wide Shut,” “The Informant.” For some reason, I have “Margaret” on there, the [Kenneth] Lonergan film. I also had “Michael Clayton,” “Who’s Afraid of Virginia Woolf?” “Burn After Reading,” and lastly, it’s a deep cut, there’s this movie called “Like Crazy,” starring Felicity Jones and Anton Yelchin.
Also, can we take a moment for Burberry’s acting?
Oh my god, Jones! Jones is the best dog actor I’ve ever worked with. He would hit his mark. He would listen. He would look at people when he’s supposed to be looking. It was his first time acting. Crushed it. A24 is making Burberry merch. There’s going to be a Burberry shirt.
SEOUL, April 16 (UPI) — Two U.S. nationals were sentenced to federal prison for helping North Korean operatives obtain remote IT jobs with American companies in a scheme that generated millions of dollars for Pyongyang’s weapons programs, the Justice Department said Wednesday.
New Jersey residents Kejia “Tony” Wang, 42, and Zhenxing “Danny” Wang, 39, operated so-called “laptop farms” that made it appear as though overseas workers were based in the United States, allowing North Korean IT personnel to secure jobs using stolen American identities.
The scheme used identities from at least 80 individuals and generated more than $5 million in revenue for the North Korean government, the department said in a press release.
Kejia Wang was sentenced to nine years in prison by U.S. Senior District Judge Nathaniel M. Gorton in federal court in Boston, followed by three years of supervised release, after pleading guilty to conspiracy charges including wire fraud, money laundering and identity theft.
Zhenxing Wang was sentenced to seven years and eight months in prison by the same court, followed by three years of supervised release, after pleading guilty to conspiracy to commit fraud and money laundering. He was also ordered to pay $200,000 in restitution.
The two were additionally ordered to forfeit $600,000 in proceeds tied to the operation.
“This case exposes a sophisticated scheme that exploited stolen American identities and U.S. companies to generate millions of dollars for a hostile foreign regime,” U.S. Attorney for Massachusetts Leah B. Foley said. “By operating so-called ‘laptop farms,’ these defendants enabled overseas actors to infiltrate U.S. businesses, access sensitive data and undermine our economic and national security.”
Prosecutors said the scheme ran from about 2021 through October 2024, with the defendants and their co-conspirators using stolen identities to obtain remote jobs at more than 100 U.S. companies, including several Fortune 500 firms and a defense contractor.
Companies incurred at least $3 million in losses from legal fees, network remediation and other damages, the Justice Department said.
The operation also exposed sensitive data, including export-controlled information governed by International Traffic in Arms Regulations, after an overseas co-conspirator accessed systems belonging to a California-based defense contractor, according to court documents.
Kejia Wang acted as the U.S.-based manager for the operation, overseeing multiple facilitators who hosted hundreds of company-issued laptops at their residences. He also traveled to China in 2023 to meet overseas co-conspirators, including a North Korean national, according to court filings.
Zhenxing Wang was among the facilitators who hosted company laptops and enabled remote access by connecting them to specialized hardware devices.
The two were charged in June 2025 alongside eight foreign nationals who remain at large and are wanted by the FBI.
In a related move, the U.S. State Department on Wednesday offered a reward of up to $5 million for information on the eight co-conspirators, as well as one suspected North Korean IT worker, leading to the disruption of the scheme’s financial networks.
The case comes as North Korea, under heavy international sanctions, has increasingly turned to cybercrime and illicit IT work to generate revenue for its nuclear and ballistic missile programs.
An October report by the 11-country Multilateral Sanctions Monitoring Team described North Korea’s cyber operations as “a full-spectrum national program operating at a sophistication approaching the cyber programs of China and Russia.”
The report said nearly all of the country’s cyber activity, illicit IT work and financial operations are carried out under the direction of entities sanctioned by the United Nations over Pyongyang’s weapons programs.
The U.S. Treasury Department said in November that North Korea had stolen more than $3 billion over the previous three years through cyberattacks on financial institutions and cryptocurrency platforms.
A 2022 Treasury advisory estimated that North Korean IT workers generate hundreds of millions of dollars annually, with some individuals earning more than $300,000 a year.
The Justice Department has stepped up enforcement as part of an inter-agency effort in recent years, announcing multiple related prosecutions, including the sentencing of three Americans in March and a Ukrainian national in February.
Rafael Grossi, director general of the International Atomic Energy Agency, speaks at a press briefing at the Four Seasons Hotel in Seoul on April 15. Photo by Asia Today
April 15 (Asia Today) — Rafael Grossi said Tuesday that North Korea has built a new uranium enrichment facility in the Yongbyon area, signaling a significant expansion of its nuclear capabilities.
Speaking at a press briefing in Seoul, Grossi said assessments by the International Atomic Energy Agency show North Korea’s nuclear activities have expanded across multiple facilities, including a 5-megawatt reactor, reprocessing plants and a light-water reactor.
He said the newly identified building appears similar in scale and infrastructure to the Kangson enrichment facility, indicating a substantial increase in uranium enrichment capacity.
“While it is difficult to calculate exact production levels without on-site access, the external features suggest a significant expansion,” Grossi said. “This points to a serious increase in the ability to produce dozens of nuclear warheads.”
The agency had previously monitored the construction of the facility, noting similarities in cooling and supply systems to existing enrichment sites.
Grossi also warned that nuclear weapons development fuels proliferation and accelerates arms competition, adding that such capabilities do not necessarily improve national security.
On South Korea’s potential pursuit of nuclear-powered submarines, Grossi stressed the need for strict safeguards under the Nuclear Non-Proliferation Treaty.
He raised concerns that nuclear material used in submarines could fall outside routine inspection regimes due to extended underwater operations, particularly if highly enriched uranium is used.
Grossi said South Korea would need to establish special procedures and coordination mechanisms with the agency to ensure transparency and prevent diversion of nuclear material.
He added that discussions with the government, navy and industry would follow if the project proceeds, noting that the development process would take years and involve multiple stages.
A chart shows the number of pet insurance policies in South Korea rising sharply from 51,727 in 2021 to 251,961 in 2025. Graphic by Asia Today and translated by UPI
April 15 (Asia Today) — South Korea’s pet insurance market has expanded more than threefold in the past three years, but low enrollment rates continue to limit its growth, prompting insurers to step up marketing efforts.
According to industry data, the number of pet insurance policies in force reached 251,961 last year, up 55.4% from a year earlier. The figure has increased about 3.5 times from 71,896 in 2022.
New policy subscriptions have also risen steadily, while total premiums surpassed 100 billion won (about $75 million) for the first time, jumping from 28.8 billion won (about $21 million) in 2022 to 129.1 billion won (about $97 million) last year.
Despite the rapid growth, the market penetration rate remains low. Data from the KB Financial Research Institute show that only about 2-3% of pets are insured.
As of late 2024, about 15.46 million people in South Korea owned pets, with an estimated 7.63 million dogs and cats nationwide.
The low adoption rate contrasts with more mature markets such as Japan, where the pet insurance sector is valued at around 1 trillion won (about $750 million).
Industry officials say the market still has strong growth potential, driven by rising pet ownership and increasing veterinary costs. Government data show the average monthly veterinary expense per pet is about 37,000 won (about $28), though costs vary widely by clinic.
To raise awareness, insurers are expanding promotional efforts. Companies are launching supporter programs, hosting offline events and collaborating with influencers and pet trainers to reach potential customers.
For example, a pet-focused insurer recently launched a supporter program in which participants share their experiences using insurance products. Other companies have held in-person promotional events and partnered with well-known dog trainers to produce online content.
Analysts say high premiums and limited coverage remain key barriers. Calls are also growing for standardized veterinary pricing to reduce uncertainty in medical costs.
“As pets are increasingly seen as family members, interest in their health care is rising,” an industry official said. “Insurers are working to tap into latent demand by expanding coverage and improving price competitiveness.”
South Korean Chief of Naval Operations Adm. Kim Kyung-ryul (L) and U.S. Pacific Fleet Commander Adm. Stephen Koehler (R) hold talks in Seoul on Wednesday. The two were also set to meet with Japan’s top naval commander for trilateral talks on strengthening maritime cooperation. Photo courtesy of South Korea Navy
Top naval commanders of South Korea, the United States and Japan gathered in Seoul on Wednesday to hold a series of talks aimed at strengthening their trilateral maritime security cooperation, the South’s Navy said.
The gathering brought together Chief of Naval Operations Adm. Kim Kyung-ryul, U.S. Pacific Fleet Commander Adm. Stephen Koehler and Adm. Akira Saito, chief of staff of the Japan Maritime Self-Defense Force, for bilateral talks and a trilateral dinner meeting, according to the armed service.
The meetings came amid heightened tensions in the Middle East, raising speculation over whether their talks would address the ongoing U.S. blockade of Iranian ports.
U.S. President Donald Trump earlier called on South Korea, Japan and others to send warships to the Strait of Hormuz to help secure shipping lanes.
In the bilateral talks between Kim and Koehler held earlier in the day, both sides exchanged opinions on the robust South Korea-U.S. combined defense posture as well as cooperation in the area of naval maintenance, repair and operations, the Navy said.
Kim and Saito, meanwhile, held in-depth discussions on expanding personnel exchange and resuming joint maritime search and rescue exercises (SAREX) as discussed in a ministerial meeting between their defense chiefs earlier this year, it added.
In January, Defense Minister Ahn Gyu-back and his Japanese counterpart, Shinjiro Koizumi, met in Japan and agreed to resume joint SAREX drills for the first time in nine years as part of efforts to strengthen bilateral defense cooperation.
The top admirals of the three countries were set to attend a dinner meeting later Wednesday to likely discuss trilateral coordination measures to respond to and deter North Korea‘s advancing nuclear and missile threats.
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Comparison of stablecoin market share in South Korea shows Tether dominating domestic trading, while USD Coin leads in global on-chain payment volume. Data from Bank of Korea and CoinDesk. Graphic by Asia Today and translated by UPI
April 14 (Asia Today) — Circle is stepping up efforts to expand its stablecoin footprint in South Korea, aiming to challenge the dominance of Tether through a dual strategy focused on trading and payments.
Tether currently accounts for more than 80% of stablecoin transactions in South Korea and over 60% globally, according to industry data. Circle’s USD Coin, or USD Coin, holds a much smaller share in Korea, at around 10%.
Industry officials said Circle recently met with major South Korean exchanges, including Upbit, Bithumb and Coinone, to expand USDC trading and improve accessibility. The move is aimed at securing liquidity in one of the world’s largest cryptocurrency markets.
Circle CEO Jeremy Allaire visited South Korea this week and signed agreements with local exchanges and fintech firms to promote stablecoin adoption.
With Dunamu, the operator of Upbit, Circle is working on initiatives focused on regulatory compliance, transparency and user education. With Bithumb, the companies agreed to explore integration of multi-chain digital asset infrastructure and stablecoin technologies. Promotions such as fee discounts and airdrops are also being used to boost USDC trading on platforms like Coinone.
Beyond exchange trading, Circle is also expanding its payment infrastructure. The company is promoting its proprietary network to support real-world payments and cross-border transfers, including partnerships with South Korean fintech firm Hecto Financial.
Analysts say this reflects a broader strategy to compete with Tether not only in trading volume but also in real-world financial use cases.
USDC is backed by cash and U.S. Treasury assets and publishes regular disclosures, a structure that has made it attractive to financial institutions. It also operates across multiple blockchain networks, offering flexibility in transaction speed and fees.
Data suggests USDC has gained traction in payments and transfers. According to industry estimates, its on-chain transaction volume reached about $17 trillion last year, exceeding Tether’s roughly $12.9 trillion, indicating stronger usage in real-world transactions rather than exchange trading.
Experts say competition between the two stablecoins is shifting from market share to function.
“Stablecoin competition is no longer about issuance volume but about use cases,” said Gautam Chughani of CoinShares, adding that USDC is expanding rapidly in payments and institutional finance.
Analysts say Tether is likely to maintain its strength in trading liquidity, while USDC could gain ground through integration with the broader financial system.
Circle said it does not plan to issue a Korean won-pegged stablecoin directly, signaling instead that it may participate as a technology provider in a future bank-led consortium structure.
