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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.
Crypto
KB Kookmin Card to build hybrid stablecoin payment model with Avalanche
KB Kookmin Card will build a hybrid stablecoin payment model with blockchain platform Avalanche, The Block reported on March 31. The company plans to design a card payment model based on the Avalanche public blockchain and develop a comprehensive stablecoin system covering top-ups, payments and settlement with digital asset infrastructure firm OpenAsset. The hybrid system aims to keep existing credit card features such as points benefits while lowering barriers to stablecoins and digital assets.