Table of Contents
Researcher
\[ASA News] is a bi-weekly newsletter where we share the most important news related to stablecoin in Asia. (2026.03.02~03.15)*
1. [News] Hana Card Enables USDC-Based Card Payments at Korean Merchants for Inbound Tourists
Source: Hana partners with Circle, Crypto.com to support global stablecoin payments for foreign customers
Hana Financial Group has partnered with global digital asset firms Circle and Crypto.com to launch a stablecoin-based payment pilot targeting foreign visitors to Korea. Led by the group's card subsidiary Hana Card, the program enables foreign customers to pay at local merchants using stablecoin-linked payment cards. Payments are processed through USDC, the dollar-pegged stablecoin issued by Circle, with a 5% cashback offered to foreign holders of the Crypto.com Visa card when they pay at participating Korean merchants.
Hana Financial stated the project aims to validate the practical value and consumer demand for digital asset payments within Korea's card infrastructure. The initiative is part of a broader strategy to proactively build the institutional foundation for won-denominated stablecoin issuance, leveraging real-world partnerships with global digital asset firms to prepare for a bank-led stablecoin ecosystem. Hana Card signed a strategic MOU with Circle in December last year to expand USDC payment and settlement cooperation.
2. [Commentary] 'Foreigners First': A Strategic Detour Shaped by Korea's Regulatory Landscape
The most notable aspect of Hana Financial's project is its deliberate restriction to foreign visitors. This is not merely a market strategy, it is effectively the only viable path to legally execute stablecoin payments under Korea's current regulatory environment. Won-denominated stablecoin issuance remains embroiled in debate over issuer eligibility and regulatory frameworks, and offering stablecoin payment services to domestic users carries significant legal uncertainty before the Digital Asset Basic Act takes effect. In contrast, a structure where foreigners spend USDC they already hold in overseas wallets at Korean merchants can be interpreted as an extension of foreign currency payments under the Foreign Exchange Transactions Act, minimizing regulatory conflicts.
Viewed through the lens of each participant's recent moves, this partnership reads as a convergence of intersecting strategic interests rather than a standalone initiative. Circle has been methodically executing its Korea entry roadmap since President Heath Tarbert visited Seoul in August 2025 to hold digital currency strategy talks with KB, Shinhan, Hana, Woori, and the Bank of Korea, followed by the Hana Card MOU (December 2025) and now this payment pilot. Crypto.com has been expanding its Asia presence through its Visa card program since becoming the first major global exchange to officially enter the Korean market with its app launch in April 2024. Hana Financial is leveraging Hana Card's infrastructure advantage, processing roughly 50% of all foreign card transactions in Korea, while simultaneously participating in a won-stablecoin issuance consortium alongside BNK Financial, iM Financial, and SC First Bank.
What makes this structure particularly interesting is that preempting real-world usage experience could determine competitive positioning in the eventual won-stablecoin market. Korea is currently deadlocked over whether to restrict stablecoin issuance to bank-majority (51%+) consortiums (the Bank of Korea's position) or include fintechs and big tech (the FSC and ruling party's position). The Digital Asset Basic Act (Phase 2) has missed its December 2025 submission deadline, with three competing bills pending in the National Assembly. In the interim, Hana Financial is accumulating pilot data on stablecoin payment infrastructure through the regulatory grey zone of foreign-visitor-targeted services.
