Stablecoin Remittance Model Aims to Simplify Korea-Japan Cross-Border Payments
Three companies, DSRV, NICE Information & Telecommunication, and SBI DigiTrust, have signed a memorandum of understanding to verify a stablecoin remittance and payment model between South Korea and Japan.
The model will use stablecoins in QR-code payments at NICE Information & Telecommunication merchants in South Korea by Japanese users.
The review will cover payment flow, methods for issuing remittance and payment instructions, and commercial viability based on expected transaction volumes and costs.
DSRV will assess whether blockchain-based asset transfers can be connected to existing payment systems.
NICE Information & Telecommunication will evaluate operational requirements and business viability based on its domestic payments infrastructure and merchant network.
SBI DigiTrust will refine the remittance and payment structure based on Japanese regulations and its financial and digital-asset infrastructure.
Seo Byung-yoon, co-chief executive officer of DSRV, said, 'Cross-border remittances and payments are an area where the utility of stablecoins can be tested.'