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Coinbase and BC Card Join Forces to Launch USDC Payment Solution in South Korea

Coinbase has announced a strategic partnership with BC Card to pilot a payment solution utilizing USDC in South Korea.

This initiative aims to link BC Card's QR payment platform with the Base ecosystem developed by Coinbase.

The pilot project will allow customers to use USDC, a stablecoin pegged to the US dollar, for seamless domestic transactions.

Merchants, in turn, will receive payment in Korean won, ensuring compliance with local regulations.

David Hyuckjae Park from Base emphasized that this is a key step towards enhancing payment efficiency through stablecoins.

President of BC Card, Choi Won-seok, highlighted plans for a broader USDC payment ecosystem tailored to the domestic market.

BC Card currently serves over 36 million customers nationally, alongside 3.5 million globally, facilitating the introduction of stablecoin payments.

The outcome of this pilot could potentially result in an upgraded USDC payment settlement model in South Korea.

This collaboration aims to innovate the financial landscape and improve interoperability between crypto and fiat currencies.

Overall, the partnership is poised to make substantial strides in combining existing infrastructures for the benefit of consumers and merchants alike.