South Korea's Gwangju Bank and Toss successfully test stablecoin QR code payments

Gwangju Bank and South Korean financial technology company Toss successfully completed the verification of concept for stablecoin payments based on QR codes

South Korea's Gwangju Bank and financial technology giant Toss recently announced that the two parties have successfully completed a "Proof of Concept" for stablecoin payments using QR codes. The pilot project opens up banking and payment applications, allowing customers to conduct transactions directly through associated mobile apps.

Pilot details: Streamline the process and realize direct transfers between wallets

This trial connects Gwangju Bank's mobile banking application, Toss user application and Toss Place merchant terminal. The system is designed to test whether customers can use stablecoins for daily consumption without going through complex payment procedures.

The specific operating process is as follows:

• When a customer selects the stablecoin payment option in the Gwangju Bank App, the system will automatically jump to the QR code scanning interface of the Toss application.
• The customer scans the QR code displayed on the merchant's Toss Place terminal, checks the payment amount, and then confirms the transaction.
• Once payment is approved, stablecoins will be transferred directly from the customer's digital wallet to the merchant's wallet.
• After the transaction is completed, customers can return to the Gwangju Bank App to view the transaction results.

Next step: Optimize the experience and expand field testing

After successfully completing the technical verification, Gwangju Bank and Toss are preparing for the second round of proof-of-concept, with the focus on further simplifying the operating steps and reducing the number of links that users need to complete before purchasing. Currently, the two sides are discussing the possibility of conducting more tests with actual merchants in Gwangju and South Jeolla Province, South Korea, but the specific date for the next test has not yet been announced.

Gwangju Bank stated that this preliminary experiment has verified the technical connectivity between participating applications and payment terminals. However, as of now, Gwangju Bank has not announced a commercial launch date, nor has it clarified which specific stablecoin will be supported in public services in the future.

Byun Mi-kyung, Vice President of Gwangju Bank, pointed out that the project laid the technical foundation for the bank to respond to the development of digital asset payments and helped all parties evaluate the payment experience from a customer's perspective.

Toss's Other stablecoin cooperation arrangements

This trial with Gwangju Bank is not an isolated action by Toss in the field of blockchain payments. Previously, Toss and its affiliated banks have participated in multiple related projects:

• Collaboration with Optimism and Sunnyside Labs: In July this year, Toss signed an agreement with Optimism and Sunnyside Labs to inspect the Korean Won-based stablecoin blockchain infrastructure in a three-month technical verification project. The agreement covers payment settlement, privacy protection and compliance requirements using Optimism OP Stack and Sunnyside Labs privacy enhancement technology. Toss aims to assess whether the infrastructure can process financial transactions while meeting institutional payment system security and regulatory standards.
• Cooperation with Circle: In the same month, stablecoin issuer Circle and Toss reached an agreement to explore USDC-based payment services, digital wallets and programmable payment capabilities. In addition, Circle has signed a separate agreement with Kakao Group covering stablecoin payments, remittances and digital asset infrastructure.
• Collaboration with the Solana Foundation: In June this year, Toss Bank established a partnership with the Solana Foundation to study blockchain-based international remittances and settlements. The project aims to examine whether stablecoins can support overseas capital transfers through infrastructure connected to existing banking services.

Trend of stablecoin payments in the Korean banking industry

The pilot of Gwangju Bank reflects the active exploration of stablecoin payments by the Korean banking industry as a whole. At the same time, lawmakers are developing a legal framework to regulate its distribution and use.

• KB Financial Group: 今年5月，KB金融集团完成了涵盖韩元稳定币发行、离线二维码支付、商户结算及国际汇款的试点。其试验涉及KG Inicis、Kaia和OpenAsset，其中一笔向越南的汇款耗时不到三分钟，费用比传统方式低约87%。
• 新韩金融集团：今年8月，新韩金融集团与Visa合作开发稳定币支付基础设施，并研究数字资产在卡片结算中的应用。协议内容包括稳定币的发行、转账、赎回的技术工作，以及面向企业和消费者的支付服务。

立法进程：预计11月审查数字资产法案

随着银行和金融科技公司的支付实验持续推进，韩国监管机构也在加紧构建稳定币的法律框架。

9月，韩国金融服务委员会（FSC）确认，计划于11月对国家第二阶段的数字资产立法进行审查。拟议框架涵盖数字资产的发行与分销，其中稳定币监管是主要讨论议题之一。监管机构表示，其提案与议员提交的立法草案方向一致，但框架尚未最终确定。

此外，韩国银行（央行）支持一种由银行主导的财团率先发行韩元稳定币的方案。然而，关于发行要求以及银行与金融科技公司各自角色的分歧，仍是立法讨论中的焦点。

It is reported that South Korea's National Assembly is expected to review the proposed digital asset framework in November, and lawmakers hope to complete the formulation of the country's second phase of digital asset legislation during 2026.