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KG Inicis signs Solana Foundation MOU for stablecoin payments

KG Inicis signs Solana Foundation MOU for stablecoin payments

KG Financial’s tie-up with the Solana Foundation follows a proof-of-concept on stablecoin issuance and payments, with KG Group aiming to use KG Inicis’s gateway and about 220,000 merchants for commercialization.

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Fact Check
The official Solana X account (@solana) confirms KG Inicis is bringing stablecoin payments to Solana, and Binance News explicitly confirms the MOU with the Solana Foundation for stablecoin payments via KG Inicis's merchant network, with token-based merchant rewards. BlockBeats corroborates the plan. The MOU, stablecoin payments, gateway/merchant-network commercialization, and proof-of-concept context align across sources. The exact '220,000 merchants' figure was not independently confirmed in fetched sources, slightly lowering certainty on that detail, but the central claim is strongly supported.
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Summary

KG Financial, a fintech unit of South Korea’s KG Group, has signed a strategic memorandum of understanding with the Solana Foundation to develop Web3-based digital-asset payment infrastructure, adding detail to KG Group’s plans for stablecoin payments. The companies said they completed a proof-of-concept covering stablecoin issuance and real payment services, and KG Group plans to use KG Inicis’s payment gateway and roughly 220,000 merchants to commercialize stablecoin payments. The update builds on earlier plans to bring stablecoin settlement to KG Inicis’s merchant network as payment companies explore blockchain-based rails for round-the-clock transfers and potentially more efficient settlement.

Terms & Concepts
  • stablecoin: Crypto token designed to maintain a stable value.
  • memorandum of understanding: Nonbinding agreement outlining planned cooperation between parties.
  • Web3: Internet applications built around blockchain-based ownership and tokenized networks.