The pilot will evaluate a solution linking a domestic QR payment platform to USDC on the Coinbase-incubated Base platform. BC Card stated that a medium to long-term partnership would follow this demonstration to build a compliant Korean won settlement process for merchants.
Coinbase Partners With BC Card To Run USDC Payment Pilot in Korea
BC Card, one of the largest payment processors in Korea, has partnered with Coinbase to pilot a hybrid crypto-to-fiat payments solution in the country.
According to local media, the two companies signed a memorandum of understanding (MoU) to organize a pilot platform linking BC Card’s signature QR payment process with wallets in the Base ecosystem, which was incubated by Coinbase in 2023.
The goal is that customers with USDC, a dollar-based stablecoin, can leverage these tokens on the Base network directly to complete domestic payments seamlessly, with merchants receiving Korean won in compliance with local laws.
After this proof of concept, the partnership could expand to upgrade the current USDC domestic payment settlement model and revitalize the Base ecosystem in Korea.
David Hyuckjae Park, Base’s Regional Lead for East Asia, stated that this represents “an early step in exploring how stablecoins can improve payment efficiency and global interoperability.”
Choi Won-seok, President of BC Card, stated that this partnership would expand to “build a USDC payment ecosystem optimized for the domestic environment by combining the synergy between the two companies’ infrastructures,” using BC Card’s payments IP.
BC Card has over 36 million customers in the domestic market and over 3.5 million internationally. The initiative seeks to introduce global stablecoin payments to these users in a convenient way.
Read more: Base App Goes Live Across 140+ Countries as Coinbase Pushes Social Trading Toward the Mainstream
FAQ
- What is the goal of BC Card’s partnership with Coinbase?
The partnership aims to pilot a hybrid crypto-to-fiat payments solution in South Korea using USDC.
- How will the payment process work for customers?
Users with USDC can make domestic payments via the Base network, with merchants receiving payment in Korean won.
- What could this partnership lead to in the future?
The collaboration may upgrade the USDC domestic payment settlement model and enhance the Base ecosystem in Korea.
- How many customers does BC Card serve?
BC Card serves over 36 million customers domestically and 3.5 million internationally, aiming to simplify access to stablecoin payments.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
ClearBank receives MiCA approval to become a CASP, plans to launch EURC and USDC stablecoin services
ClearBank has recently been approved by the Netherlands Authority for the Financial Markets to become a provider of crypto-asset services. It will launch EURC and USDC stablecoin services, aiming to improve the efficiency of cross-border payments. It will also deepen its collaboration with a certain CEX by offering savings accounts that cover the Financial Services Compensation Scheme.
GateNews29m ago
Circle releases a cross-chain infrastructure roadmap, with CCTP cumulative transfers exceeding $110 billion
Circle has released a cross-chain interoperability infrastructure roadmap. Since CCTP launched in April 2023, it has processed over $110B in USDC transfers and supports 20 blockchains. In the future, it plans to expand to other assets and launch multiple innovative products to simplify cross-chain workflows.
GateNews04-11 00:03
Compass Point downgrades Circle’s rating to “Sell,” and cuts its price target to $77
Compass Point analyst downgraded Circle’s rating from “Neutral” to “Sell,” and cut the target price to $77. The reason is that USDC growth is mainly coming from low-profit platforms, which is affecting the company’s earnings. The analyst expects first-quarter performance to miss expectations, with EBITDA falling 19% quarter-over-quarter. Despite this, if the crypto market rebounds, Circle’s outlook could still improve.
GateNews04-10 16:06
Circle minted a total of 10.5 billion USDC on Solana over the past month
Gate News update, on April 10, Circle added another 250 million newly minted USDC today. Data shows that over the past month, Circle has cumulatively minted 10.5 billion USDC on Solana.
GateNews04-10 15:51
Circle Responds to the Drift Protocol Hack: USDC Freezing Must Be Executed Legally, Urges Faster Crypto Legislation
Circle’s Chief Strategy Officer Dante Disparte responded to the Drift Protocol theft incident, emphasizing that freezing USDC is being carried out according to law, calling for stronger coordination between law and technology, and suggesting that DeFi protocols should draw on protection mechanisms from traditional markets to advance legal protection of property rights and financial privacy.
GateNews04-10 12:19
Caixin: Polymarket’s use of USDC settlement creates legal risk for participants within China
The article discusses legal disputes involving Polymarket prediction markets, especially the unclear boundary between insider trading and gambling. It emphasizes that using USDC for settlement exposes Chinese participants to legal risk, and it mentions the “End Prediction Market Corruption Act” proposed by a U.S. senator, which prohibits certain government officials and their family members from participating in prediction market trading.
GateNews04-10 12:02
