Paycoin Builds Stablecoin-Based Payment Ecosystem, Secures Lead in Virtual Asset Payment Market

As market interest in stablecoins grows, Paycoin, the only domestic virtual asset payment player, is attracting attention.

PayProtocol, the operator of Paycoin, announced on June 10 that it is working to build a stablecoin payment ecosystem through a hybrid payment infrastructure centered on Paycoin (PCI).

Recently, PayProtocol has developed an independent payment structure that enables virtual assets such as stablecoins to be used for payments via the global card network Mastercard. The core model of this structure, the "Paycoin Mastercard," is designed to automatically convert the user's Paycoin (PCI) into the global stablecoin USDC via a decentralized exchange (DEX), allowing users to make payments easily at Mastercard merchants worldwide.

This greatly simplifies the user experience, enabling immediate payment with held virtual assets without the need to recognize or perform complex currency exchanges or conversions. By utilizing stablecoins as the settlement currency, the system offers competitiveness in terms of real-world usability and reliability of virtual assets compared to traditional payment systems. In addition, by adopting an open blockchain network that allows stablecoins promoted in various countries, including Korea, to be quickly applied to payment and settlement processes, the system is evaluated as having scalability to respond immediately to the activation of the stablecoin market.

A PayProtocol representative emphasized, "Stablecoins are not only a matter of national competitiveness, but also a key tool for expanding the real-life use of virtual assets," and added, "The hybrid payment method of Paycoin (PCI) is not just a technical implementation, but a structural solution that connects directly to real-world use."

Above all, Paycoin is the first and only case in Korea to successfully commercialize virtual asset payments, and it is actively expanding its services both domestically and internationally. In February, Paycoin resumed app-based payments in accordance with domestic policies, aiming to expand real-world usage, and is currently working to secure more merchants and improve user convenience. In this regard, Paycoin also holds patents for both online and offline payment methods, which is expected to further widen the gap with latecomers.

Furthermore, parent company Danal and PayProtocol possess experience in obtaining relevant licenses and have a robust merchant network, enabling them to quickly establish response strategies to external changes such as the legalization of stablecoins. Currently, legal currency settlement is prioritized in virtual asset payments, but the company has also completed the technical development of a direct USDC-based payment structure. In fact, major overseas virtual asset projects are reportedly actively discussing collaboration to enter the Korean market, recognizing Paycoin's competitiveness.

A PayProtocol official stated, "Paycoin is a homegrown virtual asset project built on the technology and human resources accumulated by Danal, a payment specialist company, over several decades," and added, "As virtual assets emerge as a core means in the real economy, we will leverage our accumulated experience to establish ourselves as a market leader and serve as a hub for enabling leading virtual assets, including stablecoins, to be used in everyday life."