South Korean card industry completes won stablecoin technical validation

A joint proof-of-concept for a won-denominated stablecoin involving the Credit Finance Association and nine card companies, including Samsung, Shinhan, KB Kookmin, Hyundai, Lotte, Hana, Woori, BC and NH NongHyup Card, was completed on July 22, NewsPim reported. The test focused on whether payment approvals, settlements and transaction cancellations would operate normally when a won stablecoin on a testnet was linked to the existing card payment network, according to the report. A Credit Finance Association official said the PoC confirmed it is technically possible to support a range of payment methods by linking won stablecoin settlement functions to the existing card payment network.