[TOKEN KOREA] "From Payment Tokens to AI Agent Business Infrastructure" — PayCoin, expanding anew under the name PayChain

TokenPost is directly examining the status of technology, business, and community of virtual asset projects listed on major domestic KRW exchanges from an investor’s perspective. The voices of the responded projects are recorded in order. [Editor’s note]

Paycoin (PCI) is not an unfamiliar name to domestic investors. It was once known as a “coin actually used for payments,” and was a representative project that attempted virtual asset payments at convenience stores and franchise outlets.

However, the current direction Paycoin promotes is no longer limited to a payment coin of the past. Paycoin describes itself as “the country’s first commercial payment virtual asset” and a global payment infrastructure project that expands into PayChain, stablecoins, and AI agent commerce based on actual payment operation experience.

We met the Paycoin team through this interview in TokenPost’s ‘TOKEN KOREA WATCH’ series.

■ Blockchain payments have become possible — but they are not yet part of daily life

Paycoin aims to solve two issues.

First, although blockchain payments have become technically feasible, they have not yet established themselves as an everyday payment method. The reasons are obvious but critical. Cryptocurrency prices are highly volatile, wallet experiences are difficult, and chain-specific payment and settlement structures are fragmented. Users find it complicated, merchants find it inconvenient, and confirmation of payments takes a long time. This combination is close to a failure formula in the payment industry.

Payprotocol states it will address this with stablecoin-based payments, gas abstraction, and an integrated settlement structure of PayChain. The core idea is to enable payments without users needing to be aware of blockchain, and for merchants to receive faster, more predictable settlements.

Second, the subject of commerce is shifting from humans to AI agents. Going forward, AI agents will be able to perform searches, comparisons, purchases, and settlements on behalf of users. However, existing payment networks were designed assuming direct human approval and payment. The structure where agents can securely pay within defined permissions, leave verifiable transaction records, and handle settlements is still in its early stages.

Paycoin aims to target this with PayChain AI. It plans to create an execution layer where not only humans but also agents can make payments within rules.

■ Starting from a Danal internal TF in 2017 — More important than the start is ‘re-expansion’

Paycoin’s origin traces back to an internal TF at Danal in 2017. Later, it developed a business structure centered on the Swiss branch of Payprotocol.

The initial problem was clear. The goal was to expand Danal’s long-standing integrated payment capabilities into the blockchain environment to reduce inefficiencies in the existing payment structure. The aim was to reduce middlemen, offer lower fees and faster settlements to merchants, and provide a more convenient payment experience for users.

The Paycoin team explained that they see blockchain not as a “technology experiment” but as a “tool to redesign payment systems more efficiently.”

However, simply telling the story of Paycoin as a startup narrative is insufficient. The real turning point emphasized by the team is not the “start” but the “re-expansion.” After passing regulatory issues, they regained accessibility through domestic exchange listings in 2024, and from 2025, as merchant networks expanded again, the actual payment volume steadily increased. From 2026, they are actively beginning the stablecoin business and building AI agent payment infrastructure.

What Paycoin now needs to prove is precisely this. Merely having made payments in the past is not enough. Are payments increasing again? Are they creating a settlement structure suitable for the stablecoin era? Can they truly enter the next market of AI agent commerce? The key is not nostalgia but reactivation.

■ After listing on domestic exchanges — restoring accessibility and increasing actual payments

Payment projects must be accessible to users to lead to actual usage. The Paycoin team stated that after listing on major domestic exchanges like Bithumb, Coinone, and Korbit in 2024, accessibility improved, and from 2025, the number of merchants expanded again, with actual payment amounts steadily increasing.

Unexpected changes also occurred. There were many cases where users with no prior experience in cryptocurrency investment contacted customer service solely to use Paycoin for payments. The industry often cites crypto onboarding as the biggest hurdle to widespread real-world use. However, Paycoin’s team evaluated that domestic exchanges are handling this quite well in practice.

Their assessment of the Korean community is also realistic. They said Korean investors tend to be quick, have high expectations, and look at not just visions but actual services, execution, figures, partnerships, and regulatory responses. While this puts pressure on the project, it also creates an environment that makes business more practically scrutinized.

That’s true. The Korean market cannot sustain itself long on just packaging. Especially for payment projects, it’s more so. “It can be used” is less important than “where, how often, and repeatedly.”

■ 1.2 million cumulative payment users — actual usage remains Paycoin’s core asset

What sets Paycoin apart from other payment projects is its actual experience in payment operations.

Within the publicly available scope, the figures shared by Paycoin are: as of the first half of 2025, about 1.2 million cumulative payment users, approximately 580k monthly payers, and a total payment volume of around $28 million. The team explained that these figures demonstrate that Paycoin is not just a virtual asset circulating on exchanges but a service repeatedly used in real payment environments.

They also presented actual use cases from merchants. Payments were possible or operational at convenience store chains like CU, GS25, E-Mart24, as well as brands close to daily life such as Domino’s Pizza, Pizza Hut, Dalkom Coffee, Hanjin Huttown, and Seoul Land.

The importance of these numbers and cases is simple. Payment infrastructure is not validated on paper. It requires real users, real merchants, real settlements, and real customer service. Payments are more intimidating than white papers—they are proven by receipts. Paycoin is at least a project that has experienced those receipts.

■ Achievements in 2025–2026 — expanding actual usage, regulatory validation, and reestablishing tokenomics

Paycoin considers three main achievements between 2025 and 2026: expanding actual usage, regulatory validation, and reestablishing tokenomics.

In terms of actual usage, new domestic merchants like Domino’s Pizza and E-Mart24 have been added, broadening offline payment touchpoints again. This indicates that Paycoin is not a “past” payment project but is actively expanding its merchant network.

Regarding regulatory validation, they conducted a PoC with banks and stablecoins. They integrated Danal Fintech’s Stablecoin-as-a-Service solution into digital asset wallets, verifying the entire process from issuance, circulation, payment, to settlement of stablecoins. As of March 2026, feedback from this process is being discussed for commercialization.

On tokenomics, in October 2025, with the release of the V10 whitepaper rebranding, they redefined the PayChain, P2F, and PCI token economic models. They designed a structure where network usage leads to PCI burning, strengthening long-term sustainability.

Ultimately, Paycoin’s stated direction is this: as payments increase, network usage grows, which in turn is linked to PCI’s role and its burn structure. This system must actually operate. Tokenomics sounds beautiful in words, but what matters is whether usage translates into real demand.

■ Differentiation — Not just “tokens that can pay,” but “infrastructure that has operated payment”

Paycoin’s core differentiation is not just claiming to be a “payable token,” but having actual experience operating a payment infrastructure.

Many projects talk about payments, stablecoins, and commerce infrastructure. However, few have actually integrated payments at merchants, handled user inquiries, operated settlements, and passed regulatory environments. The difference is significant.

The Paycoin team explained that they have operated actual payments through everyday channels like convenience stores, F&B, and leisure, and have verified user experience and settlement stability in the process. Based on this operational experience, they are expanding into PayChain, stablecoins, and AI agent commerce.

At this point, Paycoin’s competitors are not just simple payment coins. The future competitors are likely to be stablecoin payment infrastructure, global settlement networks, and AI agent payment layers. As the scope expands, standards also rise.

■ Second half of 2026 — Full operation of PayChain as the key milestone

The milestone Paycoin most looks forward to in the second half of 2026 is the full deployment of PayChain.

PayChain is designed as a global hub encompassing various stablecoin payments and settlements. With the addition of PayChain AI, the goal is to create an environment where not only humans but also AI agents can operate and make payments. Paycoin sees this as a turning point where payment projects expand from stablecoin infrastructure to an autonomous commerce execution layer.

The vision three years from now also aligns with this. Paycoin aims to become a global payment infrastructure connecting stablecoins, settlements, and agent commerce beyond just domestic KRW payments. Domestically, it will improve KRW-based payment and settlement efficiency, and globally, it will serve as a hub connecting various stablecoins and chains.

The team proposed a structure where multi-currency stablecoins like pKRW, pUSD, pEUR are synchronized on PayChain, and PCI circulates as gas, staking, and governance assets. Ultimately, the long-term goal is for AI agents to naturally use this payment layer when performing real economic activities.

■ Biggest challenge — balancing regulation and speed

The greatest challenge Paycoin faces is regulatory uncertainty.

Especially since the schedule for domestic stablecoin legislation has not been finalized, moving only after the system is established could hinder their leading position. Conversely, rushing without sufficient regulatory consideration risks sustainability. The key is balancing regulation and execution speed.

Paycoin is addressing this proactively through verification methods. The first PoC with banks is a representative example. Before formal regulation, they check not only the technical structure but also operational processes and compliance systems, preparing for actual commercialization in advance.

During the PoC feedback in March 2026, issues related to operations and compliance with legacy financial institutions were identified. Paycoin views these not as limitations but as specific tasks to be resolved before commercialization, and plans to address them through follow-up gap analysis and commercialization reviews.

This approach is correct. Payments and stablecoins cannot operate outside regulation for long. Moving quickly is important, but it must be within a structure acceptable to the regulatory framework.

■ Message to Korean investors

The message Paycoin team conveyed to Korean investors is clear: do not judge Paycoin solely by short-term price movements.

They explained that what they are building is not just a simple token but an actual payment infrastructure and an expanding payment and settlement structure. They also restructured their token model in 2024 from a long-term perspective. The foundation’s holdings are 100% locked, and they introduced a PCI burn structure linked to payment volume and a PayChain sequencer staking system to design a more sustainable demand-supply system.

One thing they want TokenPost readers to know is that “Paycoin is moving beyond a past-tense title into a future-oriented position.”

The PCI used for offline store payments, the PCI supporting stablecoin settlements on PayChain, and the PCI that will mediate transactions in agent commerce are not separate images but connected as a single payment and settlement structure.

Paycoin’s next test is clear. It is to re-verify its past reputation as the first domestic commercial payment virtual asset by establishing itself as infrastructure for the era of stablecoins and AI agent payments. Payment projects are more about where and how often they are used than about the words themselves, and more about repeated use than initial use. If PayChain functions as an actual settlement hub, the stablecoin PoC leads to commercialization, and PCI’s burn/staking structure connects to actual usage, Paycoin’s narrative can regain strength.

Conversely, if that connection is delayed, the market will coldly remember only the past as a payment coin. For Paycoin, the second half of 2026 is therefore crucial. The direction of re-expansion has been set. What remains now is execution.