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

PANews reported on March 31 that, according to The Block, South Korean major credit card company KB Kookmin Card announced a partnership with Avalanche to develop a hybrid stablecoin payment model. This model, designed to be built on a public blockchain, allows users to link their digital wallets to their existing credit cards. When making a payment, the system will prioritize using the stablecoin balance in the wallet, with any remaining amount paid via the credit card. KB Card is also collaborating with digital asset infrastructure company OpenAsset to develop a complete stablecoin system covering deposits, payments, and settlements. This move aims to lower the barrier to entry for stablecoins by retaining the familiar credit card experience and aligns with South Korea's regulatory direction towards establishing a stablecoin market pegged to the Korean won.