KB Financial Group completes technical verification of Korean won stablecoin payments and cross-border remittance

In comparison, KB Financial Group announced that it has completed technical concept verification of the Korean won stablecoin in payment, settlement, and international remittance scenarios.

The verification was jointly completed by KB Financial Group, electronic payment company KG Inicis, public chain Kaia, and digital asset solution company OpenAsset, and covers complete financial service processes such as Korean won stablecoin issuance, offline payments, merchant settlement, and cross-border remittance.

According to the report, the solution migrates the internal settlement system to a blockchain architecture while maintaining users' original financial service usage habits. Among them, the actual payment scenario has been tested through the coffee chain Hollys offline self-service terminal. Users can pay via QR code without installing a digital wallet, and the system will automatically execute the on-chain smart contract during the settlement stage.

Furthermore, in the cross-border remittance test, the system first exchanged Korean won stablecoins for US dollar stablecoins through Kaia's on-chain liquidity, and then local partners in Vietnam completed fiat currency deposits. The entire remittance process takes only about 3 minutes, and the processing fee is approximately 87% lower than the traditional SWIFT remittance model. (Yonhap)