Key Notes
- BC Card successfully processed stablecoin-based payments for foreign users using existing card infrastructure.
- The pilot involved Wavebridge, Aaron Group, and Global Money Express, requiring no changes for merchants.
- Regulatory progress stalled as the Bank of Korea and FSC disagree over bank ownership rules for stablecoin issuers.
South Korea’s BC Card recently completed a pilot that lets foreign users pay local merchants using stablecoins. Tourists converted stablecoins from overseas wallets into digital prepaid cards and spent them at Korean shops without technical glitches or settlement errors.
The trial tested stablecoin usage in Korea’s card payment sector while working within existing infrastructure, letting merchants receive funds through standard channels and consumers pay through familiar methods.
BC Card sees this as a step toward a permanent stablecoin payment system as regulators continue their deliberations.
BC Card Pilot Demonstrates Technical Readiness
The pilot was run with blockchain company Wavebridge, wallet provider Aaron Group, and cross-border remittance provider Global Money Express. By integrating the stablecoin layer behind the existing card network, merchants didn’t need new hardware or training, removing adoption barriers.
BC Card, which handles over 20% of South Korea’s card transactions and serves 3.4 million merchants, also set up a team to analyze domestic and international stablecoin trends.
The project shows that the technology works and that large payment processors can support stablecoins without disruption.
Regulatory Delays and the Path Forward
Progress on regulations has lagged behind the technology. The Financial Services Commission (FSC) missed a December deadline to submit a stablecoin bill due to disagreements with the Bank of Korea, which wants banks to hold majority ownership of issuers.
A new draft proposes a consortium structure where banks remain majority stakeholders and tech companies contribute technical expertise.
Stablecoins offer more efficient cross-border payments, helping tourists and international shoppers avoid high fees and delays.
BC Card CEO Choi Won-seok highlighted their usefulness for cross-border transactions and emphasized a gradual rollout that aligns with legal and institutional requirements.
While the pilot proves technical feasibility, the adoption of stablecoin payments in South Korea depends on regulatory approval.
BC Card is laying the groundwork for a future-ready payment infrastructure, positioning itself to act as soon as legislation is finalized.
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Hamza is an experienced crypto editor/writer with a deep understanding of blockchain technology, cryptocurrency markets, and digital finance. He is passionate about making complex topics accessible and helping readers navigate the fast-evolving world of crypto.
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Source: https://www.coinspeaker.com/bc-card-successfully-tests-stablecoin-payments-in-south-korea/