South Korean card giant completes stablecoin payments pilot for foreigners
BC Card piloted a project allowing foreign users to pay local merchants using stablecoins converted to prepaid cards.Summary
South Korean payments processor BC Card, which handles over 20% of the nation's card transactions, successfully completed a pilot project enabling foreign users to pay local merchants using stablecoins. The project, conducted with partners like Wavebridge and Global Money Express, involved converting stablecoins held in overseas wallets into digital prepaid cards usable for local purchases. BC Card stated this pilot is part of preparations for implementing a stablecoin payment structure in response to evolving South Korean stablecoin regulations. The move comes as South Korea's financial regulators discuss introducing won-based stablecoins, though the drafting of formal regulations has been delayed due to disagreements between the Financial Services Commission (FSC) and the Bank of Korea (BOK) regarding issuer ownership requirements. Globally, stablecoins are gaining traction as payment alternatives, evidenced by recent adoptions by entities like YouTube and Visa.
(Source：Cointelegraph)