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KB Financial Group Tests Stablecoins for Cheaper, Faster Transfers
Description
KB Financial Group, South Koreas largest bank, successfully tested stablecoins for offline payments using the Kaia blockchain. The test, which involved converting a won stablecoin to a US dollar stablecoin and transferring it to a Vietnamese bank account, reduced fees by 87% compared to the SWIFT system. This pilot project could revolutionize international money transfers, making them cheaper and faster for everyday users. KB Financial Group is now waiting for government regulations to roll out stablecoin services, with the central bank and another commission debating who should issue these stablecoins.
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