KG Inicis, South Korean payment processor, will enable stablecoin payments on Solana for its network of 220,000 online merchants.
The company, which processes over KRW 25 trillion in annual transactions, signed an agreement with the Solana Foundation after completing pilot projects that began in April 2026.
BREAKING: Korea’s KG Inicis is set to bring stablecoin payments to Solana.
South Korea’s largest payment platform moves over KRW 25 trillion a year. Now it’s putting stablecoins to work as an online payment method, with token-based merchant rewards to follow. pic.twitter.com/tz3fkioRqo
— Solana (@solana) June 23, 2026
The integration lets merchants settle sales directly on-chain, aiming to cut payment processing costs and appeal to customers who prefer digital assets. KG Inicis also plans to offer token-based rewards to drive customer engagement.
This agreement introduces public blockchain infrastructure to South Korea’s retail sector. KG Financial, which oversees the rollout, reported that pilot tests showed retail shops could settle daily sales using stablecoins.
By linking Solana’s network with existing prepaid cards and payment gateways, the firms aim to lower transaction fees and speed up settlement for online merchants. The deal coincides with new digital asset regulations in South Korea, where authorities are permitting stablecoin payment pilots under strict oversight.
Will Solana Stablecoins Reshape South Korean E-commerce Payments?
This addition allows online shops to accept stablecoins pegged to fiat currencies, with settlement times measured in seconds instead of days. Both merchants and customers can earn token rewards for using stablecoins at checkout.
However, adoption may be slowed by technical hurdles, user trust issues, and uncertainty around future regulation or market volatility. These factors will likely determine how quickly blockchain-based payments gain traction in South Korea’s e-commerce sector.
In anticipation of the Virtual Asset User Protection Act, South Korean corporations are launching stablecoin payment pilots to modernize their infrastructure. Major financial institutions are exploring stablecoins for efficient cross-border remittances, while credit card providers look to build scalable Web3-compatible ecosystems.
Meanwhile, regulators at the FSC are scrutinizing Hana Bank’s proposed ₩1 trillion ($700 million) acquisition of a 6.55% stake in Dunamu from Kakao Investment, citing potential conflicts with the nation’s banking-commerce separation mandates. As local crypto exchanges still lack formal classification under financial statutes, authorities have indicated that the 2017 restrictions will remain in place, leaving the approval of the transaction pending.
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