South Korea’s NHN KCP Bets Big on 2-Second Stablecoin Transfers

• NHN KCP tested stablecoin payments with Payco across online and offline services.
• Avalanche infrastructure enabled stablecoin settlements within two seconds during pilot testing.
• South Korea advances stablecoin adoption while regulators prepare digital asset legislation.

South Korea’s payment sector entered a new phase after NHN KCP launched a stablecoin payment pilot with Avalanche infrastructure. The stablecoin project processes online and offline transactions within two seconds during internal testing. Moreover, the company aims to expand stablecoin usage through Payco integrations and merchant settlement tools.

NHN KCP Expands Stablecoin Payments Across Retail Channels

NHN KCP started a proof-of-concept program to test stablecoin payments inside real commercial environments. The company connected the stablecoin system with its Payco easy-payment platform and offline retail services. 

As a result, employees now complete purchases through QR code scans inside company cafeterias and cafes.

The stablecoin pilot runs on a payment-focused Avalanche Layer 1 blockchain developed with Ava Labs. Around 700 employees currently use the stablecoin service during daily transactions inside the company headquarters. 

Meanwhile, transaction approvals finish within two seconds from QR scan to settlement confirmation.

NHN KCP also introduced a merchant dashboard for stablecoin settlement and payment tracking. Store owners can monitor blockchain transaction flows without advanced technical knowledge or blockchain experience. 

Furthermore, the company designed the platform to mirror existing card payment management systems.

Avalanche Gains Ground in Asia’s Stablecoin Payment Race

Avalanche continues expanding its role in Asia’s stablecoin infrastructure market through partnerships with payment and financial companies. Several regional firms now rely on Avalanche networks for digital payment processing and tokenized asset settlement. 

Consequently, the blockchain platform strengthened its position within regulated financial services.

In Japan, TIS launched a multi-token platform using Avalanche infrastructure for stablecoin and security token issuance. Progmat also plans to migrate more than $2 billion in tokenized assets onto Avalanche-based systems by June 2026. 

At the same time, SMBC continues exploring global stablecoin transfer systems using the same blockchain network.

Singapore and Thailand also advanced stablecoin payment development through Avalanche-based platforms and cross-border settlement services. StraitsX operates regulated stablecoin settlement systems connected with Grab and Alipay+ payment ecosystems. 

Additionally, Thailand’s Orbix Technology launched QR payment services with instant foreign exchange settlement functions.

South Korea Pushes Toward Stablecoin Commercialisation

South Korea continues to accelerate digital payment adoption as cash transactions decline across the domestic economy. Recent industry data showed cash represented only a small share of total consumer payments during 2024. 

Therefore, companies increasingly pursue stablecoin systems to improve transaction speed and settlement efficiency.

NHN KCP processed roughly ₩51.5 trillion in transaction volume during the previous year across payment services. 

The company now plans to refine its stablecoin infrastructure using operational data collected from the pilot program. Afterward, NHN KCP intends to discuss broader commercialisation with financial firms and large merchants.

Regulatory discussions still shape the future of stablecoin adoption within South Korea’s financial sector. Lawmakers continue drafting the Digital Asset Basic Act to establish licensing and operational requirements for stablecoin issuers. 

Meanwhile, NHN KCP already filed trademarks for KRW-pegged and USD-pegged stablecoin products, including USDW.

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