DSRV, NICE Information & Telecommunication, SBI DigiTrust to Verify Korea-Japan Stablecoin Payment Model

DSRV, a blockchain infrastructure company, said on Oct. 2 that it had signed a memorandum of understanding with NICE Information & Telecommunication and SBI DigiTrust of Japan's SBI Group to verify a stablecoin remittance and payment model between South Korea and Japan.

The three companies will jointly examine a structure that uses stablecoins in QR-code payments by Japanese users at NICE Information & Telecommunication merchants in South Korea. They plan to review the flow of funds from user payment to settlement with domestic merchants, as well as methods for linking the relevant systems.

The review will cover the movement of payment funds from Japanese users to South Korean merchants, methods for issuing remittance and payment instructions, additional technologies and features that may be needed, and commercial viability based on expected transaction volumes and costs. The companies aim to complete the verification by the end of December.

DSRV will assess whether blockchain-based asset transfers can be connected to existing payment systems. NICE Information & Telecommunication will evaluate operational requirements and business viability based on its domestic payments infrastructure and merchant network. SBI DigiTrust will refine the remittance and payment structure based on Japanese regulations and its financial and digital-asset infrastructure.

"Cross-border remittances and payments are an area where the utility of stablecoins can be tested," DSRV Co-Chief Executive Officer Seo Byung-yoon said. "By combining the expertise of the three companies, we will flesh out a Korea-Japan stablecoin remittance and payment model."