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KB Financial Completes Korean Won Stablecoin Remittance Test on Kaia, Reduces Fees by 87% vs SWIFT

GateNews
Partnerships & EcosystemProject Progress
KAIA5.52%

According to Yonhapnews, KB Financial Group recently completed a pilot program for Korean won stablecoins, covering issuance, offline payments, merchant settlement, and cross-border remittance. Partners include payment platform KG Inicis, Kaia blockchain, and digital asset firm OpenAsset.

The test used Hollys coffee chain self-service terminals as the payment scenario. Consumers completed payments via QR code without installing a wallet, while blockchain smart contracts automated settlement. In cross-border remittance trials, the Korean won stablecoin was exchanged for US dollar stablecoin on Kaia, then transferred to actual bank accounts in Vietnam within 3 minutes, saving approximately 87% in fees compared to traditional SWIFT transfers.

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