South Korea's BC Card Completes Stablecoin Payments Pilot for Foreigners
BC Card, a major South Korean payments processor, has completed a pilot enabling foreign users to pay local merchants with stablecoins. In partnership with blockchain firms, the pilot let users convert stablecoins from overseas wallets into digital prepaid cards accepted by domestic merchants. This effort is part of BC Card’s long-term strategy to adopt stablecoin payments, driven by evolving local regulations. The company processes over 20% of South Korea’s card transactions and is backed by telecom giant KT Corp. South Korean regulators are considering won-based stablecoin rules, but delays persist due to disagreements over whether banks should control stablecoin issuers. Credit card companies have formed a task force to address competition from stablecoins. Globally, stablecoins are gaining traction as payment tools, with major initiatives from YouTube and Visa, and predictions that stablecoin transaction volumes could soon surpass those of traditional methods.
