KB Financial Group Completes Technical Verification of Korean Won Stablecoin Payments and Cross-Border Remittances
Odaily Planet Daily News: 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 with electronic payment company KG Inicis, public chain Kaia, and digital asset solutions company OpenAsset, covering the complete financial service process including Korean Won stablecoin issuance, offline payments, merchant settlements, and cross-border remittances.
The report states that the solution migrates the internal settlement system to a blockchain architecture while maintaining users' existing financial service usage habits. In real-world payment scenarios, testing was completed through offline self-service kiosks of the chain coffee brand Hollys. Users can pay via QR code without needing to install a digital wallet, and the system automatically executes on-chain smart contracts during the settlement phase.
Additionally, in the cross-border remittance test, the system first converts the Korean Won stablecoin into a US dollar stablecoin through Kaia on-chain liquidity, and then a local partner in Vietnam completes the fiat currency crediting. The entire remittance process takes only about 3 minutes, with transaction fees reduced by approximately 87% compared to the traditional SWIFT remittance model. (Yonhap News Agency)
