NHN KCP is moving to verify the feasibility of commercialising stablecoin-based payments. Linked with Payco, it is conducting an integrated online-to-offline payment pilot from online gift certificate payments to offline restaurant payments, accelerating efforts to build a blockchain-based payment ecosystem.

NHN KCP said on May 21 it is conducting a proof of concept to verify how a blockchain-based stablecoin can be used.

The pilot is being carried out on a payments-focused mainnet built in cooperation with the global blockchain platform Avalanche. NHN KCP said it has implemented an integrated online-to-offline stablecoin payment environment linked to the Payco easy-payment service.

Online, it is testing a system that allows users to pay for and sell Payco gift certificates with a stablecoin within the Payco app. Offline, it is checking operational stability in real payment conditions at a cafe and cafeteria inside its headquarters building.

NHN KCP also built what it called the industry’s first "stablecoin payment admin page" for merchants. Through it, online gift certificate sellers and offline store owners can check blockchain-based payment flows and settlement data in real time.

The company said it focused on implementing a user environment that allows users to manage sales and settlement status as easily as existing card payments, without expert knowledge of blockchain technology.

In performance tests, it confirmed a processing speed of around 2 seconds from QR scan to approval during the pilot in which about 700 employees took part. NHN KCP is verifying through this whether stablecoins can be used as an efficient means of payment in real payment environments.

NHN KCP plans to advance the system based on data secured during the pilot. It plans to share the results with future financial-sector partners and large merchants and continue discussions on commercialisation.

An NHN KCP official said, "This is the industry’s first case to cover the entire payment service process, from integrated online-to-offline payments to a merchant management system." The official added, "We will present a new payment standard that combines finance and blockchain."