CMC News

BC Card Completes #Stablecoin Payment Pilot in #SouthKorea

South Korean payments processor BC Card has completed a pilot project enabling foreign users to pay local merchants using #stablecoins. The company announced the initiative on Tuesday, conducted with blockchain company Wavebridge, wallet provider Aaron group, and cross-border remittance provider Global Money Express.

Foreign users converted stablecoins held in overseas wallets, partnered with BC Card, into digital prepaid cards during the pilot. BC Card stated this was not a short-term project but part of preparations to implement a stablecoin payment structure that responds to evolving South Korean regulations.

BC Card is one of South Korea's largest payment companies, reportedly processing over 20% of the country's card transactions. The firm covers 3.4 million domestic merchants, with KT Corp, one of three major telecom companies, as its majority owner.

Shehram Khattak, general counsel at Trust Wallet, said that banks will have to deal with legacy operations from both an operations perspective and processes. He added that the entire department will have to change how they function.