Korea Agricultural Cooperative Bank launches stablecoin value-added tax refund pilot on Avalanche

GateNews

2025-11-12 21:22:23

Golden Finance reports that NH NongHyup Bank, one of South Korea’s five major banks, announced the launch of a proof of concept (PoC) for a value-added tax (VAT) refund system based on stablecoins on the Avalanche blockchain. The project aims to test real-time tax refunds and settlement systems for inbound tourists. The initiative is in collaboration with Avalanche, Fireblocks, Mastercard, and Worldpay, and seeks to automate the refund process through smart contracts and utilize stablecoins for instant settlement and currency exchange. The bank stated that this pilot does not involve real funds or customer data and is primarily to verify technical feasibility and operational efficiency.

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