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Why Are Stablecoins Now Processing More Volume Than Visa and Mastercard?
One of the biggest credit card companies in South Korea and an important component of KB Financial Group, KB Kookmin Card, has submitted a patent application for a novel stablecoin-based payment system.
By connecting digital assets with regular credit card transactions, the suggested approach seeks to simplify digital currency transactions for everyday use.
The patent was filed to support a hybrid payment system that combines conventional credit card infrastructure with blockchain-based stablecoin transactions.
Customers connect a blockchain wallet address to their current KB credit card under the new scheme. The system first tries to use the customer’s wallet’s stablecoin balance to pay for the purchase.
A seamless user experience is ensured without the need for a new physical or virtual card since if the balance is insufficient, the remaining amount instantly defaults to a regular credit card charge.
KB’s action improves its standing in the rapidly evolving global payments industry. Stablecoins accounted for a significant portion of digital currency activity in 2024, processing over $27 trillion in transactions, outpacing networks like Visa and Mastercard.
According to industry data, stablecoin volumes increased by over 80% annually due to rising institutional and retail payment usage.
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