South Korea's Gyeonggi Province announces official launch of stablecoin proof-of-concept test in August this year

CoinFeed July 11 news, according to Etoday, South Korea's first-level administrative division Gyeonggi Province announced it will launch a stablecoin-based proof-of-concept (PoC) project in August, exploring the application of blockchain stablecoins in local currency, public subsidies, and payment systems. It is reported that this PoC will focus on validating three core technologies: programmable payments, zero-knowledge proofs, and reserve proofs that verify in real-time whether the stablecoin issuance amount matches the reserve assets. If progress is smooth, it will enter the second phase of expanded testing from October to December, focusing on evaluating measures to prevent fund misuse, privacy protection mechanisms, selection of applicable businesses, and feedback from residents and enterprises.