South Korean card firms to launch 2nd task force on stablecoin payments

South Korean credit card companies are set to launch a second task force to prepare for the introduction of stablecoin-based payment systems, Yonhap Infomax reported. The initiative, led by the Credit Finance Association, will include nine major card issuers: Samsung, Shinhan, KB Kookmin, Hyundai, Lotte, Hana, Woori, BC, and NH Nonghyup. The group plans to discuss the structure of a stablecoin payment process, from card payments to merchant settlements, and explore the introduction of debit cards that can handle stablecoin transactions at card terminals.