KB Financial Group Successfully Completes Won Stablecoin Pilot... From Payments to International Remittances

Collaboration with KG Inicis, Kaia, and OpenAsset
Implementation of QR-based offline payments and automatic settlement via smart contracts
Vietnam remittances completed in under 3 minutes, delivering significant cost savings

KB Financial Group has successfully completed a proof-of-concept project utilizing a Korean won stablecoin for payments and remittances, confirming the potential for the commercialization of digital asset-based financial services.

On May 17, KB Financial Group announced that it had completed a proof-of-concept (PoC) for an integrated process covering payments, settlement, and deposits using a Korean won stablecoin. The project was conducted in collaboration with KG Inicis, a leading electronic payment company; Kaia, a global Layer 1 blockchain platform; and OpenAsset, a digital asset solutions provider.

This verification project is a comprehensive demonstration case that links the entire financial service process in a single flow, from the issuance of a Korean won stablecoin to offline payments, merchant settlements, and international remittances. The significance lies in confirming the potential for digital assets to be used as a practical means of payment in everyday life.

The real-world payment model was implemented at the offline kiosk environment of the coffeehouse chain Hollys. Consumers could make payments via QR code without installing a separate digital wallet, and the settlement phase was executed automatically through a blockchain-based smart contract.

In the area of international remittance, the process involved converting the Korean won stablecoin into a US dollar stablecoin using Kaia's on-chain liquidity, and then transferring it to an actual bank account via a local partner in Vietnam. Unlike the conventional SWIFT method, which can take several hours or even days, the entire remittance process was completed within three minutes. Fees were also reduced by approximately 87% compared to traditional methods.

KB Financial Group emphasized that this project is differentiated by the fact that it directly designed the entire process—from stablecoin issuance to payments and remittances—rather than simply adopting external platforms. The group stated its intention to continue strengthening its related capabilities so that it can immediately operate real-world services once laws and regulations on digital assets are established.

A KB Financial Group representative stated, "With the rapid restructuring of the global digital asset market, it is essential to reduce dependence on overseas platforms and for domestic financial institutions to proactively secure operational capabilities. By combining proven financial infrastructure with blockchain technology, we will provide digital financial services closely integrated with daily life, so that customers can experience tangible benefits."

This content was produced with the assistance of AI translation services.