BC Card completes stablecoin payments pilot for foreigners
South Korean payments processor BC Card has completed a pilot that enabled foreign users to pay domestic merchants using stablecoins, the company announced Tuesday.
The pilot was conducted with blockchain firm Wavebridge, wallet provider Aaron group, and cross-border remittance company Global Money Express. Under the trial, foreign users converted stablecoins held in overseas wallets partnered with BC Card into digital prepaid cards for use at local merchants.
BC Card said the initiative is part of longer-term preparations to establish a stablecoin-based payment framework, citing ongoing developments in South Korea’s regulatory approach to stablecoins.
BC Card is among the largest payment companies in South Korea, reportedly processing over 20% of the country’s card transactions and serving 3.4 million domestic merchants. The company’s majority shareholder is KT Corp, one of South Korea’s three major telecommunications operators.
Regulatory developments in South Korea
In late July, local media reported that credit card companies were organizing a joint task force in response to potential competition from stablecoins as regulators discussed introducing won-denominated stablecoins. BC Card reportedly established an internal team to monitor stablecoin trends domestically and abroad, though local rulemaking has progressed more slowly than expected.
Earlier this month, South Korea’s Financial Services Commission (FSC) missed a deadline set by the ruling Democratic Party to submit a draft proposal on stablecoin regulations. Lawmakers attributed the delay to disagreements between the FSC and the Bank of Korea (BOK). A central point of contention is the BOK’s proposal that banks hold at least 51% ownership of any stablecoin issuer seeking regulatory approval, while other regulators favor a more diversified market structure.
Global stablecoin adoption
Stablecoins are increasingly being explored as an alternative or complement to traditional payment methods such as cards and bank transfers.
Adoption examples include YouTube allowing U.S. content creators to receive payouts in the dollar-pegged PayPal USD (PYUSD) earlier in December, and Visa launching USD Coin (USDC) settlement services for select U.S.-based financial institutions.
Stay informed, read the latest news right now!
Disclaimer
The content on TrustsCrypto.com is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are highly volatile, always do your own research before making decisions.
Some content may be assisted by AI and reviewed by our editorial team, but accuracy is not guaranteed. TrustsCrypto.com is not responsible for any losses resulting from the use of information provided.
