South Korean payments giant BC Card has completed its pilot project to verify the stability and convenience of card-integrated stablecoins in partnership with domestic and international digital asset companies.
BC Card completes pilot project for Stablecoin payments for foreigners
On Tuesday, South Korea’s largest payment processing company, BC Card, announced it had completed its two-month pilot project that allowed foreigners to use stablecoins as a means of payment with domestic merchants.
The project was carried out jointly with blockchain financial company Wavebridge, overseas digital wallet company Aaron Group and fintech company Global Money Express.
According to BC Card, the pilot focused on “verifying whether foreign currency-based stablecoins held by foreigners can be practically used within the domestic payment environment, while also assessing payment convenience and stability.”
For the project, foreign users converted their stablecoins in foreign BC Card wallets into digital prepaid cards that could be used at domestic affiliated merchants using a QR code, without the need for a physical card or currency exchange procedures.
The company integrated stablecoin payments into its existing card authorization and settlement structure using a digital prepaid card as an intermediary, the announcement explained, noting that “this design allows both paying customers and merchants to transact in the same way as conventional card payments.”
BC Card President Choi Won-seok said: “Stablecoins are particularly useful for cross-border payments due to their technical characteristics and have significant potential to improve the domestic payment experience for foreign consumers.”
South Korean companies are preparing for the 2026 framework
The payments giant confirmed that the pilot was not a “short-term technical verification” but a “process to prepare a stablecoin payment structure that is responsive to future domestic legal and regulatory changes.”
Notably, the South Korean government recently failed to submit the long-awaited bill for the second phase of the Virtual Asset User Protection Act, which will regulate the issuance and distribution of won-pegged stablecoins.
As reported by Bitcoinist, the Financial Services Commission (FSC) has missed the ruling party’s December 10 deadline to submit the government’s legislation to the National Policy Committee.
According to local media, the bill was postponed after the FSC and the Bank of Korea (BOK) failed to resolve their differences over the issuance of Won-denominated stablecoins.
Financial authorities reportedly agree that financial institutions should be involved in the issuance of the tokens, but disagree on the extent of the banks’ role. While the central bank has pushed for a consortium of banks to own at least 51% of any stablecoin issuer seeking approval in the country, the FSC has expressed concerns that giving banks a majority stake could reduce the participation of tech companies and limit the market’s innovation.
Recent reports confirmed that the government’s proposal is expected to be announced by early next month at the latest, as the integrated bill is due in January 2026. “To protect the public’s right to know, there will be a separate opportunity to explain the government’s proposed bill to the public as it is submitted to the National Assembly,” an FSC official said last week.
Ultimately, BC Card pledged to strengthen cooperation with relevant agencies, taking into account the flow of virtual asset legislation, with the aim of “leading the establishment of a ‘Korean-style stablecoin payment infrastructure’ by gradually promoting a payment model that complies with domestic regulations.”
“BC Card will leverage its card payment infrastructure to gradually prepare a stable stablecoin payment model that aligns with Korea’s legal and regulatory environment,” the company’s president concluded.
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