"Full-Scale Implementation of Stablecoin Payment Model"...KB Kookmin Card Partners with Avalanche and OpenAsset

On March 31, KB Kookmin Card announced that it will begin full-scale implementation of a hybrid payment model by integrating stablecoins into its card payment infrastructure in collaboration with Avalanche and OpenAsset.

KB Kookmin Card is designing a card payment model that leverages its own network structure using the global mainnet "Avalanche" and public blockchain. In addition, by working with "OpenAsset," which leads the technical standards for stablecoin issuance and distribution infrastructure, the company is implementing a process that covers stablecoin charging, payment, and settlement using digital asset infrastructure.

This payment model, for which a patent application was completed in January this year, is characterized by allowing digital assets to be used while maintaining the existing card payment method. In particular, by linking a stablecoin wallet to the card, customers can choose between regular credit payments and digital asset-based payments with a single card.

This model is structured to allow for future expansion depending on changes in regulations and market conditions, and its potential applications include not only payments but also charging and settlement. KB Kookmin Card is focusing on building a payment structure that can go beyond simple technical review and be realized as an actual service, while pursuing collaboration with global blockchain networks and digital asset infrastructure providers.

A representative from KB Kookmin Card stated, "Stablecoins are expanding their potential for use in various financial sectors, including payments, remittances, and settlements. Going forward, we will continue to prepare to provide customers with a more stable and convenient payment experience, in accordance with relevant laws, regulations, and supervisory directions."

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