AhnLab announced that the K-STAR (KRW Stablecoin Tech Alliance for Revolution) has completed a proof of concept (PoC) for a blockchain-based payment and settlement infrastructure for the digital transformation of local currency in collaboration with BNK Busan Bank. K-STAR is a technology alliance focused on digital currency infrastructure based on the Korean won stablecoin, which includes AhnLab's blockchain subsidiary, AhnLab Blockchain Company.
According to the company, the project aims to comprehensively implement the entire process of issuing, distributing, paying, and settling a "policy-based local currency" that incorporates policy conditions such as usage locations and expiration dates, while verifying its operational feasibility in a real financial environment.
The project involved BNK Busan Bank, AhnLab Blockchain Company, Open Asset, Kaia, and Lambda256. Each participating organization contributed their expertise to validate interoperability.
AhnLab Blockchain Company was responsible for the project design and the implementation of user wallets, transactions, and settlement structures. Open Asset managed the issuance of stablecoins and asset integrity. Kaia provided the mainnet environment, while Lambda256 supported node infrastructure operations and transaction flow monitoring. The project confirmed the feasibility of a digital local currency operating system that integrates issuance, infrastructure, settlement, and security.
BNK Busan Bank designed a policy-based local currency model based on the current local currency operational structure and conducted validations of key functions such as charging, payment, and settlement.
The company stated that this PoC achieved the implementation of "programmable money" rather than simple token transfers. It demonstrated the ability to embed policy conditions into the currency, such as restrictions on specific merchant usage, automatic expiration, and differential settlement based on usage locations, all processed reliably on the mainnet. This validates the potential for future expansion into policy funds, digital vouchers, central bank digital currencies (CBDCs), and services based on the Korean won stablecoin.
In performance validation of the Kaia mainnet, tests were conducted under four scenarios—normal, congested, maximum, and complex irregular conditions—over a continuous 24-hour period, achieving a 100% transaction success rate and processing within one second across all scenarios. The performance validation was based on load scenarios reflecting BNK Busan Bank's payment operation data. The tests also verified low transaction costs, user experience based on fee waivers, and real-time monitoring capabilities.
Lim Joo-young, head of AhnLab Blockchain Company, stated, "This project is significant as it verifies that local currency services based on digital currency can operate stably in real environments. Each participating company is laying the groundwork for expanding into next-generation financial ecosystems, including digital currency transformation, stablecoins, digital assets, and cross-border payments and settlements."
K-STAR is a technology collaboration formed to promote innovation in digital currency infrastructure centered on Korean won stablecoin technology. It includes specialized companies in the domestic blockchain sector. This project is seen as a demonstration of the synergy achieved when K-STAR's technical capabilities are combined with actual financial infrastructure.
* This article has been translated by AI.
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