South Korean payment giant BC Card completes stablecoin payment pilot program

PANews reported on December 23 that South Korean payment giant BC Card announced the completion of a pilot program for stablecoin payments to foreign users. This program allows foreign users to make payments to local South Korean merchants using stablecoins. The pilot program was conducted in partnership with blockchain company Wavebridge, wallet provider Aaron group, and cross-border remittance service provider Global Money Express. Users can exchange stablecoins in their overseas wallets for digital prepaid cards for payments.

BC Card stated that this move is in preparation for the future implementation of stablecoin payment structures and in response to the evolving regulatory landscape for stablecoins in South Korea. BC Card is one of South Korea's largest payment companies, processing over 20% of domestic card transactions and serving 3.4 million local merchants.

Currently, the regulation of stablecoins in South Korea is still under discussion. The Financial Services Commission (FSC) has failed to submit a draft regulation on time due to disagreements with the central bank over the proposal. Stablecoins, as an alternative or supplement to traditional payment methods, are gradually being adopted globally.

Previously, it was reported that South Korean card giant BC Card has partnered with Crypto.com and Visa on global digital payments .