Lambda256 Completes Stablecoin Payments Proof-of-Concept with Korean Financial Partners

Lambda256, a blockchain unit of Dunamu, has completed a proof-of-concept (PoC) project on stablecoin payments with the Korea Credit Finance Association and nine card issuers.

The PoC aimed to technically verify whether existing infrastructure for members, merchants, approvals, settlements, and fraud detection systems could be linked to a stablecoin payments environment.

The test covered the full payment and settlement process, including stablecoin issuance and distribution, payment approvals, cancellations, refunds, settlements, policy support funds, card points, and on-chain anti-money laundering and fraud detection.

Lambda256 used its digital asset orchestration platform SCOPE and on-chain compliance platform CLAIR for on-chain execution. The company upgraded the platforms to fit the card industry's operating requirements and tested ways to link them with card issuer systems.

The PoC established an on-chain execution framework covering blockchain transaction creation, transmission, gas fee processing, transaction status tracking, cancellation, refund, and settlement transactions, as well as responses to technical failures.

Jung Eui-jung, CEO of Lambda256, stated that the PoC was significant because it removed much of the technical uncertainty around card issuers' participation in stablecoin payments and settlements.