KB Financial Group Completes Technical Verification of Korean Won Stablecoin Payments and Cross-Border Remittances

Odaily reported that KB Financial Group has announced the completion of a technical proof of concept for Korean Won stablecoins in scenarios such as payments, settlements, and international remittances.

This verification was jointly conducted by KB Financial Group alongside electronic payment company KG Inicis, public chain Kaia, and digital asset solutions firm OpenAsset. It covered the complete financial service workflow, including Korean Won stablecoin issuance, offline payments, merchant settlement, and cross-border remittances.

According to the report, while maintaining users' existing financial service habits, the solution migrated the internal settlement system to a blockchain architecture. In practical payment scenarios, testing was completed through offline self-service kiosks at the coffee chain brand Hollys. Users could pay via QR code without installing a digital wallet, and the system automatically executed on-chain smart contracts during the settlement phase.

Furthermore, in the cross-border remittance test, the system first exchanged the Korean Won stablecoin for a USD stablecoin using Kaia's on-chain liquidity, after which a local partner in Vietnam completed the fiat currency credit. The entire remittance process took approximately 3 minutes, with transaction fees reduced by about 87% compared to the traditional SWIFT remittance model. (Yonhap News Agency)