Kaia Utilized for Stablecoin PoC by Korean Regional Bank iM Bank: QR Payments and Merchant Settlement Implemented

Kaia DLT Foundation announced that South Korean regional bank iM Bank has successfully completed a Proof of Concept (PoC) on the Kaia blockchain network, implementing the entire process from the issuance of a KRW-denominated stablecoin to payment and settlement.

iM Bank announced on the 20th that it successfully completed the 'KRW-denominated Stablecoin Technology Validation (PoC) Project,' which was conducted in collaboration with digital asset financial infrastructure expert OpenAsset.

In cooperation with OpenAsset, iM Bank directly issued the KRW-denominated stablecoin 'iMKRW' based on the Kaia blockchain network. Furthermore, through the digital asset wallet service 'DAGAON,' they implemented the full process, including KRW charging, QR-based payments, and merchant settlement.

This project focuses on implementing the entire lifecycle of a KRW-denominated stablecoin—issuance, charging, payment, settlement, and burning—in a real-world financial environment, going beyond a mere technical experiment. As discussions on the institutionalization of digital assets gain momentum, iM Bank is gaining attention for securing the technical capabilities and operational structure ready for immediate business deployment.

Since its transition to a commercial bank, iM Bank has been actively pursuing digital finance. In addition to building infrastructure for KRW stablecoin issuance, it is strengthening its leading role in the overall digital asset ecosystem by exploring blockchain-based payment and remittance services.

OpenAsset, the primary partner for this project, is a digital asset financial infrastructure firm comprised of experts with experience in the Bank of Korea's CBDC project and Kakao's blockchain development.

In pilot operations conducted in controlled environments, such as the company cafeteria, more than 80 scenarios were executed without errors, demonstrating system stability. More than 10 departments, including iM Bank's AX Promotion Department, participated in the PoC, comprehensively examining everything from architectural design to compliance verification.

Based on these results, iM Bank plans to actively pursue follow-up projects, such as blockchain-based global remittance services and the construction of municipal-linked regional currency platforms.

An official from iM Bank commented, 'Through this PoC, we have confirmed our technical capability and commitment to the digital asset era. We will continue our strategic cooperation with OpenAsset to rapidly deploy next-generation digital financial services.'

Kaia is promoting the expansion of stablecoin payment infrastructure in Asia, centered on Japan and Korea, through initiatives such as the onboarding of the Japanese Yen stablecoin 'JPYC' and this PoC with iM Bank.

This PoC is highly anticipated as a demonstration of the potential for connecting digital finance with regional economies, including initiatives for regional revitalization, Korea-Japan sister city exchanges, and the activation of local currencies.