South Korea’s Largest Financial Institution Teams up With Circle To Accelerate Stablecoin Payments

Hana Financial Group, through its subsidiary Hana Card, has initiated a pilot program in South Korea allowing foreign tourists to pay merchants using USDC-funded Crypto.com prepaid Visa cards, offering 5% CRO cashback to encourage adoption. This initiative, built in partnership with Circle, tests the integration of stablecoin payments within regulated card infrastructure, leveraging Hana Card's significant share of foreign card processing in the country. The effort aligns with Hana Financial Group's broader strategy to expand digital asset capabilities and comes as South Korea prepares for the full implementation of the Digital Asset Basic Act in 2026, which will formalize stablecoin regulation. Banks are already preparing for this future, with Hana Financial Group involved in establishing a consortium to explore a future KRW-pegged stablecoin, suggesting a potential hybrid system of global stablecoins like USDC operating alongside local tokens.

(Source：CCN)