Gyeonggi Province to Test Blockchain-Based Stablecoin for Public Payments

Gyeonggi Province in South Korea plans to test a blockchain-based stablecoin for public payments starting in August. The eight-month initiative, led by ZKrypto, aims to explore the use of blockchain technology for regional currency and government disbursements.

The pilot project will initially focus on the issuance, circulation, and settlement processes of the stablecoin before expanding to cover fraud prevention, privacy safeguards, and potential deployment across public benefit programs between October and December.

ZKrypto plans to use zero-knowledge proof technology to prevent duplicate use while protecting user privacy. Additionally, proof-of-reserves will be used to verify reserve assets in real-time.