BC Card Successfully Tests Stablecoin Payments in South Korea

South Korea's BC Card successfully completed a pilot program allowing tourists to use stablecoins for payments at local merchants. This initiative allowed conversion of stablecoins into digital prepaid cards, which were used without technical issues.

The trial integrated stablecoin usage within existing card payment infrastructure, facilitating merchant and consumer transactions through standard channels.
BC Card collaborated with Wavebridge, Aaron Group, and Global Money Express, ensuring no new hardware or training was needed for merchants.
The project confirmed the viability of stablecoins in large payment processing networks.

Regulatory Challenges and Future Prospects

The Financial Services Commission (FSC) delayed a stablecoin bill due to disagreements on issuer ownership between banks and the Bank of Korea.
A new draft suggests a consortium model where banks hold majority stakes while tech firms provide technical support.
Stablecoins could enhance cross-border payments by reducing fees and delays for tourists and international shoppers.

BC Card is preparing for broader stablecoin adoption pending regulatory approval, aiming to establish a forward-looking payment infrastructure once legislation is in place.