Toss Completes Stablecoin Payment Technology Verification with Gwangju Bank

Toss has completed a proof of concept (PoC) for stablecoin-based QR payments in collaboration with Gwangju Bank. On the 8th, Toss announced that it conducted a PoC for payments using stablecoins at offline stores in partnership with Gwangju Bank. This verification was carried out to confirm the scenario where Gwangju Bank customers can make payments using stablecoins through the Toss app at offline stores. The aim was to verify whether customers could complete payments without needing to install a separate app. The verification process involved Gwangju Bank customers selecting stablecoin payments in the bank's app, which would automatically open the linked Toss app and activate the QR scanner. Customers could scan the QR code displayed on the merchant terminal to complete the payment, and the payment results would be displayed on the Gwangju Bank app screen. The settlement occurs in such a way that the amount paid by the customer is immediately transferred to the merchant, with the remittance processed without any intermediate steps. Toss explained that this verification was conducted in an environment separate from commercial services, and no customer information or actual assets were used. Both companies plan to discuss ways to enhance the payment process and the scope of verification for merchants.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.