Gwangju Bank and Toss complete stablecoin QR payment trial in South Korea
Gwangju Bank and fintech firm Toss tested stablecoin payments via QR codes linking their apps and merchant terminals.
Why it matters
The trial demonstrates growing institutional experimentation with stablecoin payments in South Korea ahead of potential digital asset legislation. Success could encourage broader adoption by banks and merchants.
Key facts
Gwangju Bank and Toss completed a proof of concept for stablecoin QR payments
Reported by Crypto.News
The trial connected Gwangju Bank's mobile app, the Toss app, and Toss Place merchant terminals
Reported by Crypto.News
Customers could scan merchant QR codes and transfer stablecoins directly between digital wallets
Reported by Crypto.News
Both companies are preparing a second trial to simplify transactions
Reported by Crypto.News
The companies are discussing additional tests with merchants in Gwangju and Jeonnam
Reported by Crypto.News
South Korean banks are expanding stablecoin payment experiments
Reported by Crypto.News
South Korean lawmakers are preparing to review new digital asset legislation in November
Reported by Crypto.News
What happened
Crypto.News reported that Gwangju Bank and South Korean fintech company Toss successfully completed a proof of concept for stablecoin payments using QR codes. The trial connected Gwangju Bank's mobile banking app, the Toss app, and Toss Place merchant payment terminals, allowing customers to scan merchant QR codes and transfer stablecoins directly between digital wallets. Both companies are preparing a second trial to simplify transactions and are discussing additional tests with merchants in Gwangju and Jeonnam. The trial comes as South Korean banks expand stablecoin payment experiments while lawmakers prepare to review new digital asset legislation in November.
How the story developed
- First report
First report by Crypto.News
South Korea’s Gwangju Bank and Toss successfully test stablecoin QR payments
- Update
Gwangju Bank and Toss complete stablecoin QR payment proof of concept
Trial connected banking app, Toss app, and merchant terminals for stablecoin payments
Affected entities
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Crypto.News Crypto media | South Korea’s Gwangju Bank and Toss successfully test stablecoin QR payments | Original |
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