Square Tech and GOAT Network Partner for AI-Powered Payments

Square Tech has signed a memorandum of understanding with GOAT Network to develop payment services powered by artificial intelligence agents. The project focuses on using dollar-pegged stablecoins to streamline spending for foreign tourists within South Korea.

DAC Labs, the primary developer behind the GOAT Network infrastructure, will provide technical support and security for the integration. The initiative also features collaboration with Lordsystem to enable identity verification through mobile passports.

The program aims to allow visitors to make purchases at local businesses using digital assets. The companies intend to evaluate expanding the service to include gift cards and digital vouchers, pending regulatory reviews.

Square Tech will be responsible for prospecting commercial partners and managing dialogue with regulatory bodies. The GOAT Network technology utilizes infrastructure secured by Bitcoin to ensure the execution of operations by the artificial intelligence agents.

This development comes during a period of legislative progress in South Korea regarding artificial intelligence and digital assets. The proposal incorporates technical safeguards to ensure transparency and security for transactions conducted by autonomous agents.