NH Nonghyup Bank in South Korea tests stablecoin-based tax refund service on Avalanche platform

On November 13th, NH Nonghyup Bank initiated a proof-of-concept for VAT refunds using stablecoins, collaborating with Avalanche, Fireblocks, Mastercard, and Worldpay to digitize this process for inbound tourists.

This initiative allows tourists to receive a 10% refund upon departure while streamlining the paper-based process without handling real funds during testing.