KB Financial Group completes technology verification for Korean won stablecoin payments and cross-border remittances

KB Financial Group announced that it has completed the technical proof of concept for the Korean won stablecoin in scenarios such as payments, settlements, and international remittances. This verification was jointly completed by KB Financial Group, electronic payment company KG Inicis, public chain Kaia, and digital asset solution company OpenAsset, covering the entire financial service process including the issuance of the Korean won stablecoin, offline payments, merchant settlements, and cross-border remittances.

According to reports, the solution migrates the internal settlement system to a blockchain architecture while maintaining users' original financial service habits. Among them, actual payment scenarios have been tested through the offline self-service terminals of the chain coffee brand Hollys, allowing users to make payments via QR codes without the need to install a digital wallet; the system automatically executes on-chain smart contracts during the settlement phase. In addition, in the cross-border remittance test, the system first exchanges the Korean won stablecoin for US dollar stablecoins through Kaia's on-chain liquidity, and then the local partner in Vietnam completes the fiat currency crediting. The entire remittance process takes only about 3 minutes, with fees reduced by approximately 87% compared to traditional SWIFT remittance models.