Tether, the world’s largest stablecoin issuer, has filed multiple trademark applications in South Korea, including for its corporate brand and gold-linked stablecoin Tether Gold (XAUT). The move comes as discussions advance on tightening stablecoin rules, including possible requirements for foreign issuers to set up local branches. Rival Circle has also stepped up outreach in Korea and expanded platform partnerships. The domestic market is seen as large, though the regulatory framework is still unsettled.

A provision in the CLARITY bill being discussed in the U.S. Senate could work in favor of USDC issuer Circle, an analysis said. Bernstein said the measure could limit interest-rate competition among stablecoin issuers by banning deposit-like interest on simply held balances while allowing rewards tied to transactions and usage. It said Circle’s partner-based rewards model may fit within the permitted scope, helping protect returns from USDC reserves, though the bill’s passage remains uncertain.