Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesEarnAISquareMore
South Korea's KB Financial completes won stablecoin remittance test based on Kaia, reducing fees by 87% compared to SWIFT

South Korea's KB Financial completes won stablecoin remittance test based on Kaia, reducing fees by 87% compared to SWIFT

ForesightNewsForesightNews2026/05/17 01:40
Show original

Foresight News reported, according to Yonhap News Agency, that KB Financial Group has completed a technical proof-of-concept for the full process of Korean won stablecoin issuance, offline payment, merchant settlement, and overseas remittance. Partners include electronic payment company KG Inicis, Kaia public chain, and digital asset solution firm OpenAsset.


This proof-of-concept took place using Hollys coffee chain’s offline self-service terminals as the payment scenario. Consumers were able to pay via QR code without installing a digital wallet, with the settlement enforced automatically by blockchain smart contracts. In cross-border remittance testing, the Korean won stablecoin was swapped for US dollar stablecoin through Kaia chain liquidity and transferred to an actual bank account in Vietnam via a local partner, completing the process within 3 minutes—saving approximately 87% of fees compared to the traditional SWIFT method.


KB Financial stated that it will continue to improve its operational capabilities based on this proof-of-concept, and actual services will be launched immediately once digital asset-related regulations are implemented.

0
0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

Understand the market, then trade.
Bitget offers one-stop trading for cryptocurrencies, stocks, and gold.
Trade now!

You may also like

Global economy risks fragmentation! Australia bets on AI as a new growth engine

In a potentially more fragmented and unpredictable global economy over the next 40 years, Australia relies on the deployment and development of artificial intelligence (AI) to drive economic growth.

智通财经2026/09/21 04:01

Europe’s aviation fuel “red alert” in the fourth quarter: Shortfall will reach 510,000 barrels/day, South Korea’s exports surge to a four-year high to urgently fill the gap

According to analysts and shipping data, Europe will face a supply gap for aviation fuel in the fourth quarter, even as it turns to distant suppliers such as South Korea. South Korea's aviation fuel exports to Europe in September are set to reach a four-year high.

智通财经2026/09/21 03:56

Apple (AAPL.US) nears a 5 trillion USD market capitalization, targeting Nvidia: the 1,999 USD foldable screen Duo becomes a critical battle.

Apple (AAPL.US) has unveiled its new iPhone, which could be the ticket for this consumer tech giant to reclaim its position as the most valuable company by market capitalization. The company is not far from reaching this goal.

智通财经2026/09/21 03:26

Facebook and Instagram under Meta (META.US) experienced outages affecting thousands of users in the US last Sunday.

Thousands of users in the United States were unable to access Meta’s social platforms Facebook and Instagram last Sunday.

智通财经2026/09/21 03:21