South Korean corporations test stablecoin use for payments and trade

Major South Korean corporations, including Samsung Electronics, Hyundai Motor Group, Coupang, and POSCO International, are actively exploring the integration of stablecoins into their business infrastructures to enhance efficiency in payments, settlements, and trade finance.

Coupang has conducted a Proof of Concept (PoC) with Woori Bank to test using KRW-pegged stablecoins for Coupang Eats merchant settlements. This initiative aims to reduce transaction fees, which can be significant for a platform with annual revenues of 49 trillion won. The testing involved simulating both using stablecoins for the settlement stage within existing credit card networks and a full on-chain cycle where both payment and settlement occur via stablecoins.

Other companies are targeting different operational areas: Hyundai Motor Group is testing cross-border remittances between its US and Mexico entities, while POSCO International is experimenting with tokenizing accounts receivable and on-chain trade finance. Industry experts note that while interest is high, rapid legislative institutionalization is necessary to transition these pilot programs into full-scale business operations.