KB Financial Conducts Stablecoin Pilot With Won Stablecoin

KB Financial has conducted a stablecoin pilot.

The financial group has finalized its stablecoin pilot working on issuance, payments and remittances. It had used a Won-backed stablecoin to send and receive transfers on Kaia blockchain network with fellow participants KG Inicis and OpenAsset included from other regions.

Stablecoins were used in a varity of ways as per DigitalToday.

The first scenario was a retail-focused option to check-out in-store payments using mobile QR payments. Consumers could pay for every-day products (in this case coffee and fresh beverages) via a scan. The payment itself would then settle on stablecoin rails in the background.

Also, KB Financial had managed to send an international remittance payment to a recipient’s local banking account in minutes with a Won-backed stablecoin. Before arriving to the recipient, it was converted into a USD balance using the liquidity available on Kaia network. Both sender/receipient locations remained in Asia.

Large financial institutions are realizing the level of optimization and savings that can be made in specific TradFi use-cases when switching to blockchain technology and the implementation of stablecoins.