"Progress in discussions to institutionalize stablecoins… Card industry 'preemptive review' focused on payment infrastructure"
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Summary
- The card industry is reportedly detailing response strategies centered on payment and settlement infrastructure in line with discussions on stablecoin institutionalization.
- At a TF involving nine major card companies, the applicability of stablecoin payments, settlement structures, and plans such as a 'stablecoin check card' are being reviewed technically and operationally.
- Due to regulatory uncertainty domestically, card companies are showing a cautious stance, but they say they will focus on PoC and infrastructure preparation to enable immediate responses after legislation.
As discussions on institutionalizing stablecoins continue, the card industry is reportedly detailing response strategies centered on payment and settlement infrastructure.
According to industry sources on the 6th, the Credit Finance Association plans to launch a second task force (TF) this month to prepare for the possibility of introducing stablecoins. It is reported that all nine major card companies—Samsung, Shinhan, KB Kookmin, Hyundai, Lotte, Hana, Woori, BC, and NH Nonghyup—are participating in the TF.
The TF is expected to conduct technical and operational reviews of the overall card payment system, focusing on the applicability of stablecoin payments and settlement structures. The concept of a so-called 'stablecoin check card' that would enable stablecoin transactions through card terminals is also reported to be under consideration.
The previously announced proof-of-concept (PoC) work is also expected to accelerate with the launch of the second TF. Technical inspections of payment flows and system stability will likely focus on whether stablecoins can be linked to card payment and settlement processes.
Changes in the global payment environment are also influencing the card industry's continued practical discussions. Overseas, some global payment networks have begun settlement experiments using stablecoins and are testing blockchain-based direct settlement structures. If settlement methods that do not pass through intermediary institutions take hold, there could be changes in payment costs and processing speed, drawing industry interest.
However, in Korea, uncertainty in the regulatory framework persists as second-stage legislation on virtual assets, including won-denominated stablecoins, has been delayed. With discussions over issuers and supervisory authority unresolved, there is a prevailing cautious stance toward full-scale business promotion at the card company level.
Within the card industry, there is a growing perception that preparation centered on payment and settlement infrastructure is necessary so that immediate responses are possible after institutionalization, regardless of actual business participation. Before legislation, the strategy appears to be to focus on checking technical interoperability through TFs and PoCs.
