Stablecoin Adoption Soars in Rural South Korea

Editor's Note: This article comes fromCointelegraph Chinese (ID: CointelegraphChina), Author: FELIPE ERAZO, reprinted with authorization by Odaily.

Editor's Note: This article comes from

Cointelegraph Chinese (ID: CointelegraphChina)

, Author: FELIPE ERAZO, reprinted with authorization by Odaily.

South Korea’s Buyeo County, located in South Chungcheong Province, has seen strong interest in the local blockchain-based stablecoin since its creation in early 2019.

According to a report published by the Dong-A Ilbo, the majority of the population in Buyeo County is elderly. Census figures indicate that a total of 75,000 people live there. In 2019, Buyeo County created a local token called “Goodtrae Pay” at a cost of over $267,000.

Stablecoins launched in the form of increased contactless payments

At press time, approximately $48.5 million in tokens have been used to strengthen the adoption of contactless payments. The system, which also uses near-field communication (NFC)-based smart cards, aims to provide residents with a way to pay even if they don't have a smartphone.

Figures released by Buyeo County show that 54 percent of residents have downloaded the app or used smart cards to pay with Goodtrae Pay. At least 8% of tokens received by local businesses have not been cashed out to fiat.

The Goodtrae Pay project is backed by a technology company called InJoyWorks Inc., which is also happy to make smart cards a zero-fee payment method for users.

secondary title