KB Card of South Korea partners with Avalanche to develop a hybrid stablecoin credit card payment system

According to The Block, South Korea's major credit card company KB Kookmin Card announced that it will collaborate with Avalanche to build a hybrid stablecoin payment model based on a public chain, and jointly develop a complete stablecoin system covering recharge, payment, and settlement with digital asset infrastructure company OpenAsset.

This system will retain the user experience and reward points of traditional credit cards to lower the threshold for users to use stablecoins and digital assets. It is reported that the system will prioritize deducting the stablecoin balance in the digital wallet linked to the credit card, and when the balance is insufficient, the difference will be automatically paid by the credit card. Previously, KB Card disclosed in January this year that it had applied for relevant patents involving a hybrid payment system that connects existing credit cards with digital wallets.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.