BC Card said Tuesday it has completed a pilot project that allows foreign users to make payments at Korean merchants using stablecoins, moving toward integrating digital assets into the nation’s card payment system.
The pilot, launched in October, was conducted in partnership with blockchain fintech firm Waybridge, overseas digital wallet operator Aron Group and international remittance specialist GME Remittance. The project aimed to test the usability of foreign currency-based stablecoins within Korea’s domestic payment ecosystem, focusing on payment convenience and system stability.
Under the pilot, stablecoins stored in overseas digital wallets affiliated with BC Card were converted into BC’s digital prepaid cards. Users were then able to make payments at domestic merchants, including convenience stores, cafes and supermarkets, using QR codes, without the need for physical cards or currency exchange.
The card issuer said the trial addressed key limitations that have hindered stablecoin adoption in Korea’s card payment environment, such as the need for real-time processing for payment approvals, cancellations and corrections.
By combining the cross-border efficiency of stablecoins with the operational stability of the card network, the pilot allowed both merchants and consumers to transact in the same way as with conventional card payments.
BC Card said it views the pilot as groundwork for a future payment infrastructure rather than a short-term technical test, as it prepares for potential regulatory changes related to digital assets.
The company plans to expand cooperation with partners and gradually develop a stablecoin payment model aligned with Korea’s existing financial systems.
“Stablecoins, due to their technical characteristics, are particularly useful for cross-border payments, and have great potential to improve the domestic payment experience for foreign consumers,” said CEO Choi Won-seok. “We will gradually prepare a stablecoin payment model that complies with the legal and institutional environment based on our card payment infrastructure.”
By Ha Neul-bit (andreahaneu@heraldcorp.com)
