Two announcements over the holiday period involve the usage of the USDC stablecoin for retail payments in Asia. Coinbase has inked a deal with Korea’s largest card issuer, BC Card, to enable USDC on the Base blockchain to be used for payments at point of sale. Separately, Japan’s SBI VC Trade, which has an existing relationship with USDC issuer Circle, is planning a demonstration experiment in Osaka for cashless payments using QR codes.
On the Korean front, BC Card is the dominant card issuer in Korea, boasting relationships with most of Korea’s largest banks. In 2024 it had 48 million cards in circulation, out of a Korean population of 51 million. The deal with Coinbase involves integrating BC Card’s QR payment solution with a wallet supporting Base, initially for a demonstration project. Given merchants will receive KRW rather than dollars, a key aspect is developing a compliant settlement process. While Korea no longer has full currency controls, all foreign currency transactions are monitored.
Looking ahead, BC Card envisions a possible medium to long term cooperation relating to USDC, and the potential expansion of Base in Korea. BC Card has already formed a company dedicated to digital assets and claims it owns patents covering digital assets and stablecoins, positioning itself for expanded stablecoin activities.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
