KB Kookmin Card Applies for Stablecoin Credit Card-Related Patent, Exploring Integration with Existing Credit Card System for Payments

Odaily News South Korea's major financial group's subsidiary, KB Kookmin Card, has filed a patent application related to stablecoin payments. The patent covers a hybrid payment system that allows users to link a blockchain digital wallet address to an existing credit card. During payment, the system prioritizes using the stablecoin balance in the wallet, with any shortfall being covered by the credit card to complete the transaction.

KB Kookmin Card stated that this design aims to lower the barrier to digital asset payments and promote stablecoins from niche use cases to the mainstream financial system, while preserving the existing credit card payment infrastructure, user experience, and mechanisms for rewards and protections. Company executives said that in the future, they will evaluate the practical application path for this technology, taking into account regulatory and market conditions, with consumer protection being a top priority.

The report indicates that this move comes as South Korea advances its stablecoin regulatory framework. Driven by related policies, South Korea is researching a Korean Won stablecoin issuance mechanism centered around a banking consortium and plans to finalize the enactment of the "Digital Asset Basic Act" within the first quarter of this year. (The Block)