Hana partners with Circle, Crypto.com to support global stablecoin payments for foreign customers

An image by Hana Financial Group on the its plan to strengthen digital asset ecosystem and global cooperation drive / Courtesy of Hana Financial Group

Hana Financial Group Chairman Ham Young-joo / Corutesy of Hana Financial Group

Hana Financial Group has partnered with global digital asset firms Circle and Crypto.com to promote stablecoin-based payments for foreign visitors in the country, the group said Thursday.

It is the latest effort by Hana to test real-world use cases for digital assets in the payment ecosystem here, part of a broader strategy to better prepare for the institutional bank-led adoption of won-denominated stablecoins.

The initiative led by the group’s card subsidiary, Hana Card, will enable foreign customers visiting Korea to use stablecoin-mediated payment cards at local merchants.

The program will involve U.S. dollar Coin (USDC), a dollar-backed stablecoin issued by Circle. One USDC is valued at one U.S. dollar.

It will also give 5 percent cashback to foreign customers who hold a Crypto.com Visa card when they pay with it at participating merchants in Korea.

Cardholders who have a balance or recharge history in USDC will be eligible.

Hana said the program is designed to give inbound visitors experience with digital asset payments, while helping merchants tap into new demand from crypto users.

It also plans to evaluate the practical value and consumer demand for crypto-mediated payments within Korea’s card infrastructure.

Hana said the project is intended to test how stablecoin-based payments can be made more practical, laying the groundwork for broader collaboration with global digital asset firms.

“Through this initiative, we seek to confirm the growth potential of stablecoins as a payment tool, expanding cooperation with global digital asset operators,” Hana said. “We will continue exploring various real-world applications that consider how stablecoins can be issued, distributed and used.”

In December, Hana Card signed a strategic memorandum of understanding with Circle to cooperate on initiatives in expanding USDC payments and settlements.