Hana Financial Group is intensifying its efforts in the realm of stablecoin payments in South Korea with a new promotional initiative aimed at foreign visitors. The group announced its collaboration with prominent crypto institutions, Circle and Crypto.com, to promote the use of USD Coin (USDC) in transactions. This initiative is designed to bolster the adoption of stablecoin-based payments among foreign users visiting Korea.
Hana Card, the group’s card unit, is set to offer an attractive incentive of 5 percent cashback in CRO—a cryptocurrency issued by Crypto.com—exclusively to foreign users who utilize the prepaid Visa card funded with USDC while making purchases at Korean merchants. This promotional campaign is a follow-up to a partnership established last December between Hana Card and Circle, the issuer of USDC, which is recognized as the second-largest stablecoin globally.
A representative from Hana Financial highlighted the initiative’s objective to validate the practical use of stablecoin payments and strengthen collaborations with global digital asset firms. This venture builds on an earlier partnership formed between Hana Bank and Circle in May of the previous year, where the two entities agreed to explore various stablecoin-related services.
Hana Card has secured a significant position in Korea’s payment landscape, particularly among foreign visitors, accounting for approximately half of the foreign-issued card acquiring market. This partnership could provide Hana with a competitive edge in the burgeoning stablecoin payment sector, especially as South Korea gears up to implement a legal framework governing cryptocurrencies.
The promotional efforts align with Hana Financial’s broader vision of integrating digital assets as a key growth strategy. In his New Year address, Chairman Ham Young-joo stressed the group’s commitment to becoming a leader in the stablecoin ecosystem. Following this, Hana Financial has initiated the formation of a digital asset task force across its various subsidiaries.
In addition to stablecoin initiatives, Hana is actively seeking to enhance its partnerships with global cryptocurrency firms. There are plans underway to obtain a digital asset custody license for BitGo Korea, a joint venture with BitGo, a well-known global digital asset custodian listed on the New York Stock Exchange. This strategic move signals Hana Financial Group’s ambition to cement itself as a pivotal player in the evolving landscape of digital finance and cryptocurrency adoption in Korea.
