Global Card Companies Rush to Adopt Stablecoin Technology

Stablecoins are rapidly expanding beyond virtual asset trading to other areas of the financial sector. Major global card companies like Visa and Mastercard are incorporating stablecoins into their payment and remittance infrastructure, with both companies investing heavily in the technology.

Visa has announced plans to invest in the overall stablecoin ecosystem, while Mastercard has finalized its acquisition of BVNK, a stablecoin payment infrastructure company, for up to $1.8 billion. This move shows that stablecoins are becoming increasingly important for major financial players.

In South Korea, card companies and Samsung Electronics are also exploring the use of stablecoins in their services. KB Kookmin Card has filed a patent related to hybrid payments that combine stablecoins and credit cards, while Shinhan Card and KB Kookmin Card are collaborating with Solana to verify payment-related technicalities.

However, discussions on institutionalizing stablecoins in South Korea have yet to gain momentum, raising concerns that the country may fall behind global markets. The government has proposed several bills related to virtual asset legislation, but progress has been slow due to disagreements over key issues.