“Tether-linked PLCC credit card to be launched”

Crypto.com, a top 10 global virtual asset exchange, has once again emphasized its intention to launch a Private Label Credit Card (PLCC) that can be paid with stablecoins such as USDT or USDC in Korea. Although it initially planned to launch the product in the second quarter of this year, it will adjust the product launch timing by observing the domestic legislative process.

Patrick Yoon, President of Crypto.com Korea, who previously served as the country head of Visa Card, stated on the 16th, "We will introduce a stablecoin credit card in the form of a PLCC with a domestic card company" and "If a clear regulatory framework for stablecoin payment is established, we have already completed preparations to operate the business accordingly."



On the 10th, Democratic Party member Min Byung-deok, who belongs to the National Assembly's Political Affairs Committee and serves as the Chair of the Digital Asset Committee, represented the bill for the Digital Asset Basic Law, which centers on allowing won-based stablecoin issuance and establishing a Digital Asset Committee directly under the President. Crypto.com plans to launch its product after observing whether the bill passes through the National Assembly in the second half of the year.

President Yoon also left open the possibility of resuming prepaid cards, which have been restricted for domestic residents since 2023. He stated, "The suspension of prepaid card domestic services was a voluntary decision to minimize regulatory risks after the introduction of the Virtual Asset Service Provider (VASP) license system in 2021" and "As Korea has significant market potential in both virtual assets and card payments, we plan to target Korea using the payment know-how we've accumulated since 2017."

He also plans to accelerate the expansion of prepaid card usage for foreign tourists. President Yoon explained, "We will collaborate with KSNet, a domestic Value-Added Network (VAN) company, to support tourists making stablecoin payments through Crypto.com cards and pay at locations like Jeju Island buses, duty-free shops, and K-beauty franchises."

Kim Jeong-woo, Reporter