NH NongHyup Bank, one of South Korea's top five banks, has initiated a proof-of-concept project to explore a stablecoin-based VAT refund system. This collaboration involves Avalanche, Fireblocks, Mastercard, and Worldpay, focusing on using smart contracts for automating and settling tax refunds for inbound tourists. The project aims to streamline the refund process by leveraging blockchain technology to enhance efficiency and security.