Overview
- BC Card tested converting stablecoins in overseas wallets into digital prepaid cards that could be spent at Korean merchants via QR codes without currency exchange.
- The two‑month pilot, launched in October, processed transactions at convenience stores, cafes, and supermarkets with no reported technical glitches or settlement errors.
- The system placed a stablecoin layer behind existing card rails so merchants used familiar processes and received funds through standard settlement channels.
- Partners included Wavebridge, Aaron (Aron) Group, and Global Money Express (GME Remittance), and BC Card says the work lays groundwork for a regulated payment model.
- Regulation remains unresolved after the Financial Services Commission missed a December deadline, with debates continuing over the Bank of Korea’s push for bank‑majority ownership of stablecoin issuers.