According to Yonhap News, KB Financial Group announced it has successfully completed a full-process technology proof of concept (PoC) for the Korean won stablecoin, in collaboration with electronic payment company KG Inicis, Kaia blockchain, and digital asset solutions provider OpenAsset—covering issuance, offline payments, merchant settlement, and international remittances. This PoC upgraded internal settlement infrastructure to a blockchain system while preserving customers’ existing financial service habits. In real-world payment scenarios, offline self-service terminals at the coffee chain Hollys were used: consumers could pay via QR code without needing a digital wallet, and blockchain smart contracts automatically executed during settlement. During the cross-border remittance test, the Korean won stablecoin was first exchanged for a USD stablecoin via Kaia’s on-chain liquidity, then transferred to an actual bank account through a local partner in Vietnam—all completed in just three minutes, with fees approximately 87% lower than traditional SWIFT transfers.
KB Financial Group Completes End-to-End PoC for KRW Stablecoin
TechFlowShare
Summary
KB Financial Group, in partnership with KG Inicis, Kaia blockchain, and OpenAsset, has completed a full end-to-end proof of concept for a KRW stablecoin. The trial encompassed issuance, offline payments, merchant settlement, and international remittances. In a real-world application, customers at Hollys coffee shops made payments via QR codes without requiring a digital wallet. Cross-border tests successfully converted KRW stablecoins to USD on the Kaia blockchain and transferred them to Vietnam in just three minutes, reducing fees by 87% compared to SWIFT. This initiative marks significant progress in applying blockchain technology to practical financial use cases.
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