Shinhan Card and SBI crypto affiliates partner to test yen stablecoin payments
South Korea's Shinhan Card has signed an agreement with SBI VC Trade and SBI XDC Network APAC to explore yen stablecoin payments at physical stores and cross-border settlement between Japan and Korea.
Shinhan Card, the credit card subsidiary of South Korea's Shinhan Financial Group, signed a memorandum of understanding with Japanese crypto firms SBI VC Trade and SBI XDC Network APAC to examine whether yen-denominated stablecoins can be used for payments at physical merchants, according to an Oct. 21 release published by SBI VC Trade.[3][2]
The three companies plan to conduct phased proof-of-concept trials evaluating user experience, transaction processing, and operational setups to test the commercial viability of payment systems using yen stablecoins and other digital assets. The initiative also aims to study cross-border settlements, including international trade payments and connections with existing remittance rails, to foster digital financial cooperation between Japan and South Korea.[3][2]
Under the agreement, Shinhan Card, which counts roughly 20 million cardholders, will also work with SBI XDC Network APAC to explore payment services and infrastructure on the XDC Network blockchain. SBI XDC Network APAC was launched in December 2023 as a joint venture between SBI and TradeFinex Tech. The announcement did not specify a trial start date or name a specific stablecoin, omitting mention of SBI's internal JPYSC token launched earlier in June.[1][2][3]
Key facts
- Shinhan Card signed a non-binding memorandum of understanding with SBI VC Trade and SBI XDC Network APAC to test yen-denominated stablecoin payments at merchant stores.
- The proof-of-concept tests will evaluate user experience, transaction processing, and technical infrastructure in phases.
- The partners plan to explore cross-border payments, international trade settlement, and links to existing remittance channels between Japan and South Korea.
- Shinhan Card has roughly 20 million cardholders.
- Shinhan Card and SBI XDC Network APAC plan to collaborate on infrastructure and payment services for the XDC Network.
- The release did not name a specific stablecoin or disclose dates for the upcoming trials.
Sources · 3 sources
- LS
Laura Shin@laurashinPost on X ·
SBI VC Trade, SBI XDC Network APAC and Shinhan Card plan proof-of-concept tests on yen-stablecoin payments at physical merchants. Shinhan Card has about 20 million cardholders. https://t.co/Q3iXXa30bx
Open source - BS
BSCN@BSCNewsPost on X ·
SBI’s XDC Network venture brings Korea’s Shinhan Card into a Japan-Korea payments push SBI XDC Network APAC (@sbixdc) and SBI VC Trade (@sbivc_official), the group’s licensed crypto exchange, have signed a non-binding agreement (MOU) with Shinhan Card. The three will look at stablecoins for cross-border payments and explore linking a Japanese yen stablecoin to in-store payments, with test runs planned to check if it works commercially. Shinhan Card, the card arm of Shinhan Financial Group, serves about 20 million card members. It will also work with SBI XDC Network APAC on growing @XDCNetwork, the chain behind $XDC, and all three plan to expand into cross-border trade settlement.
Open source - UN
UnchainedArticle ·
Shinhan Card, SBI-Affiliated Crypto Firms Plan Yen Stablecoin Tests for In-Store Payments Shinhan Card , the credit card arm of South Korea’s Shinhan Financial Group , signed a memorandum of understanding with two Japanese crypto firms affiliated with SBI Holdings to study whether yen-denominated stablecoins can be used for payments at physical stores, according to a Japanese-language release SBI VC Trade published on Oct. 21. The SBI signatories are SBI VC Trade , the group’s licensed crypto exchange, and SBI XDC Network APAC , a joint venture SBI formed with TradeFinex Tech in December 2023 to promote the XDC Network blockchain across the Asia-Pacific region. The release described the deal as groundwork for a blockchain-based global payments ecosystem that ties digital assets to traditional financial and payment rails. Get Unchained’s crypto news in your inbox with the free Unchained Daily newsletter . What the Companies Will Test The three firms said they will run proof-of-concept tests to gauge whether new payment services built on yen stablecoins and other digital assets could become viable businesses. Those trials are set to examine the user experience, how transactions are processed, and the technical and operational setup, with the work advancing in phases. Shinhan Card and SBI XDC Network APAC also plan to collaborate on infrastructure for the XDC Network and explore which digital-asset payment services could run on it. All three intend to study stablecoin-based cross-border payments, including the settling of trade payments , and how such systems could connect with existing international remittance channels. The release said that work is meant to widen Japan-Korea cooperation in digital finance. The release did not name a stablecoin, give a date for the tests or include comments from executives. It said details of specific projects will be disclosed over time. SBI’s Yen Token The Oct. 21 release makes no mention of JPYSC , the yen stablecoin SBI rolled out in June. That token is issued by SBI Shinsei Trust Bank, with SBI VC Trade handling distribution, and Startale Group partnered on the launch. It is confined to SBI VC Trade accounts for now, with no transfers out to external wallets. SBI said in June that it intends to bring JPYSC onto public blockchains in Japan and overseas as soon as its legal and tax treatment is sorted out, provided regulators confirm the move. The release says Shinhan Card has roughly 20 million cardholders and has expanded into Web3 and blockchain work in recent years. SBI VC Trade says it was the first platform in Japan to begin handling the USDC stablecoin. Related Listen: Stripe Bid $53B for PayPal: Who Actually Wins Stablecoin Payments? The post Shinhan Card, SBI-Affiliated Crypto Firms Plan Yen Stablecoin Tests for In-Store Payments appeared first on Unchained .
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