South Korea’s major payment processor BC Card announced on the 23rd that it has successfully completed a pilot project allowing foreign tourists to pay at domestic merchants using stablecoins.
LATEST: ? South Korean payments giant BC Card has completed a pilot project that enabled foreign users to pay local merchants using stablecoins, as part of preparations to implement a stablecoin payment structure. pic.twitter.com/MMfugenwbR
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Under the program, visitors to South Korea were able to load their stablecoin holdings onto a digital prepaid card via BC Card’s existing payment infrastructure. The prepaid card could then be used for in-store payments across the country.
Payments were accepted seamlessly at approximately 3.4 million merchant locations nationwide, covering a wide range of sectors including retail, dining, and service industries.
The initiative was designed to bridge traditional payment systems with digital asset technology, with a particular focus on improving convenience for international travelers.
Leveraging Existing Infrastructure for Flexible Payments
BC Card processes over 20% of all card transactions in South Korea and is a subsidiary of telecommunications giant KT Corporation.
The pilot was conducted in partnership with blockchain firm Wavebridge, wallet provider Aaron Group, and international remittance company Global Money Express.
A key feature of the project is that merchants did not need to install any new systems. Payments were processed through existing terminals and channels, with merchants receiving settlements in South Korean won, shielding them from cryptocurrency price volatility.
For foreign tourists, the service offers a compelling alternative to traditional currency exchange. Using stablecoins helps reduce foreign exchange fees, minimize exchange rate risk, and improve payment speed.
From a financial inclusion perspective, the project also enhances both accessibility and usability for international visitors.
Due to current regulations in South Korea, the service is limited to foreign tourists, as some crypto-based payment services remain restricted for domestic users.
Regulatory Debate and Future Outlook
The pilot was carried out amid ongoing discussions over stablecoin regulation in South Korea.
The Bank of Korea has reportedly advocated for rules requiring banks to hold a majority stake in stablecoin issuers, while the Financial Services Commission is exploring more flexible regulatory frameworks.
Against this backdrop, BC Card views the pilot as a strategic step to prepare for future regulatory clarity.
The company has established a dedicated internal team to monitor stablecoin market trends and address risks such as anti–money laundering (AML) and counter-terrorist financing (CTF), while developing and operating the system.
The results of the pilot demonstrate that digital assets can be integrated into real-world payments without disrupting existing financial infrastructure, reinforcing confidence in the underlying blockchain technology.
BC Card emphasized that the project is not merely a short-term test, but a foundation for potential commercial deployment in the future.
Full-scale adoption will depend on further coordination with regulators, deeper collaboration with partners, and the development of international rules for cross-border stablecoin transactions.
