BC Card Launches Stablecoin Payments Pilot for International Users
South Korea’s leading payments processor, BC Card, has successfully completed a pilot allowing foreign users to pay local merchants using stablecoins. The announcement, made on Tuesday, signals a major step in the nation’s move toward integrating digital currencies into everyday commerce.
The pilot was executed in collaboration with Wavebridge, Aaron Group, and Global Money Express, enabling overseas users to convert stablecoins from their wallets into digital prepaid cards usable at BC Card’s merchant network.
According to BC Card, this initiative isn’t a temporary experiment but part of a broader plan to implement a stablecoin payment infrastructure in response to South Korea’s evolving crypto regulations.
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BC Card’s Role in South Korea’s Payment Landscape
BC Card is one of the country’s largest payment processors, handling over 20% of domestic card transactions and servicing 3.4 million merchants nationwide. Majority-owned by KT Corp, one of South Korea’s top telecom companies, BC Card is uniquely positioned to lead in digital payments innovation.
Shehram Khattak, general counsel at Trust Wallet, told Cointelegraph:
“Banks will have to rethink not just operations but entire processes. Stablecoins require a transformation of how departments function at every level.”
Stablecoins Drive Regulatory and Industry Shifts
South Korea has increasingly taken stablecoins seriously as alternative payment solutions. In July, reports indicated that credit card companies were scrambling to respond to the potential impact of stablecoins. The industry formed a joint task force as regulators explored the introduction of won-backed stablecoins.
BC Card has established an internal team monitoring domestic and global stablecoin trends. However, regulatory clarity remains pending. The Financial Services Commission (FSC) recently missed a deadline to propose stablecoin regulations due to disagreements with the Bank of Korea (BOK). The central bank reportedly wants banks to hold at least 51% ownership of any stablecoin issuer, while other regulators favor a more diversified ecosystem.
Stablecoins Gaining Global Traction
Stablecoins are rapidly emerging as a viable alternative to traditional payments like card networks and bank wires. Adoption is accelerating worldwide:
- YouTube now allows US creators to receive payouts in PayPal USD (PYUSD).
- Visa launched USD Coin (USDC) settlement services for select US financial institutions.
BC Card’s pilot demonstrates South Korea’s commitment to exploring crypto-powered payment solutions, positioning the country as a leading hub for stablecoin innovation in Asia.
