KB Financial Completes Korean Won Stablecoin Technology Verification

KB Financial Group has verified the actual implementation and operation of payment, settlement, and overseas remittance processes using a 'Korean Won stablecoin' – which has low price volatility as it is pegged to the value of the actual currency (Korean Won) – based on blockchain technology.

KB Financial, in partnership with KG Inicis, Kaia, and Open Asset, has completed technology verification integrating the entire process of payment, settlement, and deposits based on Korean Won stablecoins. A real payment test was conducted via a kiosk at a Hollys store, where consumers made payments using only a QR code, and settlement was processed through the automatic execution of blockchain smart contracts.

In the overseas remittance segment, Korean Won stablecoins were converted to US Dollar stablecoins, and remittances were completed within three minutes through a local partner in Vietnam, with fees reduced by approximately 87% compared to existing methods.

Based on the results of this verification, KB Financial is building operational capabilities to immediately launch actual services once relevant digital asset laws and regulations are established.