[NH Nonghyup Bank of South Korea Pilots Stablecoin-Based Tax Refund Service on Avalanche Platform] According to The Block, NH Nonghyup Bank, one of South Korea's five largest banks, has launched a proof-of-concept project to digitize value-added tax (VAT) refunds for inbound tourists and validate a real-time settlement model using stablecoins. The project is being conducted in collaboration with Avalanche, Fireblocks, Mastercard, and Worldpay, leveraging the Avalanche blockchain to test smart contract-driven tax refund automation and stablecoin settlement processes. As the project aims to confirm the technical and operational feasibility, it does not involve real funds or customer data. The initiative is designed to improve the VAT refund process in response to the increasing number of tourists visiting South Korea, allowing foreign visitors to claim a 10% VAT refund upon departure. NH Nonghyup Bank plans to transform the traditional paper-based refund process through two methods and has stated that it will further develop stablecoin-based payment and refund services in accordance with upcoming guidelines from financial regulators.