Svmuu News: KB Kookmin Card, one of South Korea's largest credit card companies, announced on Tuesday that it will collaborate with Avalanche to build a hybrid stablecoin payment model.
Previously, in January, KB announced it had filed a patent application covering a hybrid payment system that connects existing credit cards with digital wallets, allowing customers to use both stablecoins and credit limits on their cards.
The latest announcement from the credit card company stated it will partner with Avalanche to design a credit card payment model on a public blockchain. Additionally, KB mentioned it is collaborating with digital asset infrastructure company OpenAsset to develop a comprehensive stablecoin system for top-ups, payments, and settlements.
According to the company's earlier announcement, the card will automatically prioritize using the stablecoin balance in the digital wallet linked to the credit card. When the stablecoin balance is insufficient, the remaining amount will be deducted from the credit card. (The Block)