Odaily Planet Daily reports that KB Financial Group has completed the technical proof of concept for its Korean won stablecoin in use cases including payments, settlement, and international remittances.
This verification was jointly conducted by KB Financial Group, electronic payment company KG Inicis, public blockchain Kaia, and digital asset solutions provider OpenAsset, covering the full range of financial services including the issuance of KRW stablecoins, offline payments, merchant settlements, and cross-border remittances.
The report states that the program migrates the internal settlement system to a blockchain architecture while preserving users' existing financial service habits. Real-world payment scenarios have been tested via self-service terminals at the coffee chain Hollys, allowing users to make payments via QR codes without needing to install a digital wallet; the system automatically executes on-chain smart contracts during settlement.
Additionally, during the cross-border remittance test, the system first converted the Korean won stablecoin into a US dollar stablecoin using Kaia chain liquidity, after which the local Vietnamese partner completed the fiat deposit. The entire remittance process took only about three minutes, with fees reduced by approximately 87% compared to traditional SWIFT remittance methods. (Yonhap)