2025-12-24 12:26:27

The Korean payments industry is taking the lead amid regulatory gaps. BC Card (one of Korea's largest credit card companies, controlling about 20% of the country's card transaction volume) recently announced the completion of its first stablecoin payment pilot, in collaboration with blockchain company Wavebridge, wallet service provider Aaron Group, and cross-border remittance platform Global Money Express. The pilot allows overseas users to make card purchases at local Korean merchants directly with stablecoins — users can exchange stablecoins from their overseas wallets for digital prepaid cards, which can then be used at over 3.4 million BC Card partner merchants nationwide.

It is worth noting that BC Card's official statement emphasized that this is not a short-term experiment or a test play, but a crucial rehearsal before the official launch of the stablecoin payment system. They are paving the way for Korea’s upcoming regulatory policies, clarifying both business processes and technical architecture. Backed by KT, one of Korea’s three major telecommunications groups, this pilot carries significant weight.

However, this also exposes the deadlock in South Korea’s stablecoin policy. The regulatory draft originally scheduled for submission by the end of 2025 has seen no progress, with the core issue being disagreements between the Financial Services Commission (FSC) and the Bank of Korea (BOK) over who should oversee this matter. The BOK wants banks to hold at least 51% of the stablecoin issuer’s shares to strengthen financial stability; regulators, on the other hand, prefer to keep the market structure open to foster financial innovation. Both sides have their reasons, and no signs of compromise are visible in the short term.

As policy implementation stalls, credit card companies have taken the initiative. Instead of passively waiting, they are proactively exploring through pilots, accumulating practical experience while providing reference cases for the final regulatory framework. This proactive approach actually reflects the optimistic outlook of the payments industry regarding the prospects of stablecoins.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

14 Likes

Reward
14
7
Repost
Share

Comment

0/400

ConfusedWhale

· 4h ago

South Korea's approach is interesting; regulatory hurdles have instead allowed companies to take advantage. BC Card, backed by KT Group, the real purpose of this pilot is probably to pressure the central bank and FSC, letting them see that market demand is right here. Regulators always want to control wallets, so companies are paving their own way first—smart move. The central bank wants 51% equity control; I really don't understand this logic—are they aiming for innovation or just trying to play it safe? If this succeeds, the payment landscape in Asia will change again. Waiting to see what happens next; it feels like Korea might break through this time. Japan and Singapore are probably watching too. Companies use pilots as a springboard; even strict policies have to give way—this is the right way to open up in the Web3 era.

View OriginalReply0

ChainComedian

· 4h ago

Korea really knows how to play, they haven't even finalized regulations yet but they're already taking action. The central bank and FSC are fighting each other, and BC Card is simply testing the waters first... I've seen this tactic many times. Anyway, seize the window of opportunity and get started first. When policies are introduced later, adjustments can be made. The scale of 3.4 million merchants is indeed significant, and KT has a strong background.

View OriginalReply0

BoredApeResistance

· 4h ago

Korea is really playing with fire. The policies haven't been announced yet, but merchants have already started acting... I just want to know when the central bank and FSC will align their positions, or else this pilot will be dancing in the gray area.

View OriginalReply0

TestnetNomad

· 4h ago

Regulators are just running pilot programs for companies that get stuck; smart move. But with the central bank and FSC in a stalemate, when will it actually be implemented?

View OriginalReply0

StablecoinAnxiety

· 4h ago

Regulatory bottlenecks lead to self-imposed positioning first. Clever move this time. --- The central bank and FSC are bickering, so BC Card decided to take action first and set the rules themselves. --- 3.4 million merchants laid the foundation. Is this not a pilot project shaping the future? --- I just want to know why the requirement for the central bank's 51% equity stake is so difficult to pass... --- KT's endorsement is truly different; they are not at all worried about the policy implementation timeline. --- Basically, it's still the old story of financial innovation versus financial stability—endless. --- Stablecoins are being played out in Korea. When will our mainland get it together? --- BC Card's move is really filling the policy gap, serving as a model for regulatory authorities.

View OriginalReply0

GateUser-bd883c58

· 4h ago

The central bank and regulatory authorities are at odds again; these two will never see eye to eye... BC Card's move was very clever. Instead of waiting for policies, it's better to lay the groundwork and figure things out first. KT's endorsement makes it even more convincing.

View OriginalReply0

BearMarketHustler

· 4h ago

BC Card's move is quite interesting. While regulators are still arguing, they have paved the way first. 3.4 million merchants, backed by KT, definitely carry some weight. --- The central bank and FSC are still arguing about equity ratios, but the people below have already started acting. A typical Korean approach. --- To be honest, instead of waiting for policies, it's better to run the process first. BC Card's move shows some real skill. --- In the regulatory deadlock, the biggest winner is the one who dares to act. Judging by the Korean payment scene, stablecoin payments will eventually be rolled out. --- I have a question: with this proactive pilot, will there be reverse sanctions once the policies are finalized? Or do big companies simply not fear anything? --- KT's backing is indeed different. But can all 3.4 million merchants truly support this plan? It seems a bit uncertain. --- I have to say, during the regulatory gap, the payment industry has learned how to seize positions. Much more reliable than some crypto projects.

View OriginalReply0