Hana Financial Group has taken a significant step in promoting digital asset integration by partnering with leading global firms Circle and Crypto.com. The initiative aims to enhance stablecoin-based payment options for foreign visitors in South Korea, marking a crucial advancement in the group’s vision for a more robust digital asset ecosystem.
This latest effort is spearheaded by Hana’s card subsidiary, Hana Card, which will enable international customers to utilize stablecoin-mediated payment cards at local merchants. Central to this program is the use of the U.S. Dollar Coin (USDC), a dollar-backed stablecoin issued by Circle, where each coin is valued at one U.S. dollar. As an added incentive, foreign customers using a Crypto.com Visa card will receive a 5% cashback when they make purchases at participating establishments in Korea, provided they have a balance or recharge history in USDC.
The initiative is designed not only to offer inbound visitors a seamless experience with digital asset payments but also to assist merchants in capturing new demand from users of cryptocurrencies. Through this program, Hana aims to assess the practical applications and consumer interest in crypto-mediated transactions within the framework of Korea’s existing payment infrastructure.
Hana Financial Group emphasizes that this project is vital for understanding how stablecoin-based payments can become more practical and effective. The group is committed to exploring various real-world applications that consider the issuance, distribution, and utilization of stablecoins. This initiative aligns with Hana’s broader strategy to prepare for institutional adoption of won-denominated stablecoins, confirming the group’s ambitions in the evolving digital finance landscape.
In December, Hana Card had previously signed a strategic memorandum of understanding with Circle to collaborate on expanding the use of USDC for payments and settlements, laying the groundwork for continued partnerships and innovations in the digital asset space. Through this collaborative effort, Hana seeks to unlock the growth potential of stablecoins as viable payment tools and enhance its cooperation with global digital asset operators.
