KB Kookmin Card pushes stablecoin payment model…partners with Avalanche

Suehyeon Lee

Summary

KB Kookmin Card said it is moving to build a hybrid payment model that integrates blockchain-based stablecoins into its card payment infrastructure.
KB Kookmin Card said it is stepping up development of a public blockchain-based stablecoin top-up, payment and settlement structure in cooperation with Avalanche and OpenAsset.
The company said the model links a stablecoin wallet to the card and is designed to be expandable to a range of financial services—including top-ups and settlement as well as payments—depending on future regulatory changes.

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KB Kookmin Card is moving to build a hybrid payment model that integrates blockchain-based stablecoins into its card payment infrastructure.

On the 31st, KB Kookmin Card said it is stepping up development of a payment structure using stablecoins in cooperation with Avalanche, a global mainnet, and OpenAsset, a digital asset infrastructure company.

The model is designed to allow digital assets to be used alongside existing card payment methods. Using a public blockchain-based network, it implements the entire process from stablecoin top-ups to payments and settlement.

In particular, by linking a stablecoin wallet to the card, users can choose between regular credit card payments and digital asset payments with a single card.

The structure completed a patent application in January this year and was designed to be expandable to a range of financial services—including top-ups and settlement as well as payments—depending on future regulatory changes.

Through this partnership, KB Kookmin Card aims to move beyond a simple technology review toward real-world service deployment, and plans to continue expanding linkage with global blockchain networks.

AVAX