“Successful stablecoin payment test” in Korea took place without a named stablecoin. And without any money.
Gwangju Bank and Toss ran a proof of concept: paying with a stablecoin via QR code. The details:
- a test environment separate from the live service
- a virtual store
- no customer data or real assets
- no launch date
Essentially, they tested the flow: bank app → Toss → QR code on a Toss Place terminal, with payment and settlement completed at the moment of transfer.
Next comes a second phase, and they’re hoping to reach an agreement with real stores.
But there’s still no law. The FSC chair says the framework is ready and final consultations are underway, but they haven’t decided who can issue a won-denominated stablecoin. Review is expected in November.
They showed the button. There’s nothing to pay with yet.
Would you pay with a stablecoin at the checkout if your bank offered that button, or is paying by card easier?
#SouthKorea #Stablecoins
Gwangju Bank and Toss ran a proof of concept: paying with a stablecoin via QR code. The details:
- a test environment separate from the live service
- a virtual store
- no customer data or real assets
- no launch date
Essentially, they tested the flow: bank app → Toss → QR code on a Toss Place terminal, with payment and settlement completed at the moment of transfer.
Next comes a second phase, and they’re hoping to reach an agreement with real stores.
But there’s still no law. The FSC chair says the framework is ready and final consultations are underway, but they haven’t decided who can issue a won-denominated stablecoin. Review is expected in November.
They showed the button. There’s nothing to pay with yet.
Would you pay with a stablecoin at the checkout if your bank offered that button, or is paying by card easier?
#SouthKorea #Stablecoins