Korean company NICE Information & Communication is partnering with blockchain infrastructure firm DSRV and Japanese SBI DigiTrust to jointly validate stablecoin-based remittances and payments between the two countries.
Key points
•NICE Information & Communication, DSRV, SBI DigiTrust joint validation
•Commercialization of stablecoin-based remittances and payments between Korea and Japan
•Completion of joint validation by December
On September 30, the three companies signed a Memorandum of Understanding (MOU) at NICE Information & Communication's Yeouido headquarters in Seoul, committing to jointly validate the commercialization of stablecoin-based cross-border transactions. The agreement aims to expand the digital payment market between Korea and Japan.
The joint validation will cover key areas including the feasibility of using stablecoins in the Korean-Japanese remittance/payment environment, designing integration methods for existing financial/payment systems with blockchain infrastructure, and processes for payments and settlements involving Japanese users and domestic merchants.
NICE Information & Communication plans to complete the joint validation by December and assess the commercial viability of stablecoin-based cross-border transactions based on the results. Kim Seok-hyun, a vice president at NICE, stated that 'for stablecoin payments to be effective, it is necessary to have an environment where both users and merchants can feel secure.'
