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Crypto
K-STAR verifies blockchain-based digital local currency with BNK Busan Bank
K-STAR, a technology alliance for a won stablecoin-based digital currency infrastructure involving AhnLab Blockchain Company, said on Sunday it completed a proof of concept with BNK Busan Bank to verify blockchain-based payment and settlement infrastructure for digitising local currency. The project aimed to implement an end-to-end policy-based local currency with embedded conditions such as usage locations and validity periods, and to test operational feasibility in a real financial environment.
Crypto
iM Bank completes full lifecycle tech test for won stablecoin with OpenAsset
iM Bank has completed a proof-of-concept that implements the full process for a won-denominated stablecoin, from issuance to payment, settlement and burning. The bank said it finished the project with digital-asset infrastructure firm OpenAsset on May 20. The test issued an iM Bank stablecoin, iMKRW, on the Kaia blockchain and demonstrated top-ups, QR-based payments and merchant settlement using the DAGAON wallet service. The bank said it ran about 80 scenarios without errors.
Crypto
KB Financial completes verification of stablecoin payments and remittances from issuance
KB Financial Group has completed a technology verification covering the full process from payments and settlement to overseas remittances based on a won stablecoin. The group said it carried out the proof of concept with KG Inicis, Kaia and OpenAsset. The model linked stablecoin issuance, offline QR payments and merchant settlement. For remittances, it converted won stablecoins into dollar stablecoins and sent funds to a bank account in Vietnam, completing the process within 3 minutes.
