Hana Financial Group, Dunamu Conduct PoC on Stablecoin Payments and Settlement

Hana Financial Group said on October 23 that it is conducting a proof of concept (PoC) with Dunamu to build a payment and settlement ecosystem based on Upbit, a digital asset platform.

The two companies are testing real-time payments and settlement processes using stablecoins held by customers, with plans to put them to practical use as soon as the relevant regulatory framework is established.

The most notable change in everyday use would be to the settlement systems of online and offline merchants. Merchant settlements currently take several days because they go through the existing credit card payment network, but blockchain could reduce that time to real time.

The PoC also includes testing the use of multiple stablecoins in a single payment. If implemented, travelers could use a card linked to their Upbit wallet to pay first with Tether (USDT) or Circle (USDC), and set it to use other stablecoins, such as JPYC, which is pegged to the Japanese yen, if their balance is insufficient.

Hana Financial's strategy is to build "standard infrastructure for stablecoin payments" based on the payment and settlement technology PoC conducted by Hana Card and Dunamu.

A Hana Financial Group official said, "Our cooperation with Dunamu has enabled us to develop next-generation payment and settlement processes that the public can experience and use in practice. By integrating Upbit exchange wallets, which are already familiar to the public and widely used, into the existing payment market, we plan to set a standard for Korea's digital asset payment market and create an interconnected payment ecosystem."

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