Korean Financial Institutions Pilot Stablecoin Payments for Foreign Users, Building Infrastructure in Advance

Odaily News Due to delays in the legislative process of the "Digital Asset Basic Act," several Korean financial institutions are providing stablecoin payment services to foreign users to circumvent regulatory restrictions and build infrastructure and partnership networks in advance.

Specifically, Hana Financial Group, in collaboration with Circle and Crypto.com, has launched a USDC payment pilot. Danal plans to launch a similar service with Circle and Binance Pay. Crypto.com and KG Inicis have launched a payment gateway. BC Card is testing USDC payment technology with Coinbase. KB Kookmin Card has applied for a patent for a payment system integrating stablecoins and bank cards. Analysis suggests that such services targeting foreign users act as a "regulatory sandbox," helping companies validate business models before official policies are implemented. (The Korea Times)