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Shinhan and SBI explore yen stablecoins for Japan-Korea travel and trade

South Korea's Shinhan and Japan's SBI Group are collaborating to test yen stablecoins for tourist payments and assess faster cross-border settlement between both countries.

Graphic showing a handshake between Shinhan Venture Investment and SBI Group, flanked by the South Korean and Japanese flags.
Image: @WhaleInsider

South Korea's Shinhan and Japan's SBI Group are teaming up to test yen-pegged stablecoins for cross-border tourist spending, according to reports from CoinDesk and Cointelegraph. Under the pact, Japanese tourists visiting South Korea may be enabled to make card-linked merchant payments using yen stablecoins.[1][2][3][5]

The collaboration is also exploring peer-to-peer wallet transfers as part of broader cross-border trade remittances. In addition to tourist payments, the companies plan to evaluate safety safeguards for travelers and determine whether stablecoins can expedite trade settlements between South Korea and Japan with faster speeds and fewer intermediaries.[2][3][4]

An announcement graphic shared by Whale Insider also showed a bilateral cooperation fund between Shinhan Venture Investment and SBI Group covering sectors such as manufacturing, deep tech, and materials, parts, and equipment.[1]

Key facts

  • Shinhan and SBI Group are testing yen stablecoin payments for Japanese tourists visiting South Korea.
  • The collaboration is evaluating card-linked merchant payments and peer-to-peer wallet transfers for cross-border remittances.
  • The companies are assessing traveler safeguards and evaluating if stablecoins can accelerate trade settlements between Japan and South Korea.
  • Yen stablecoin usage for bilateral travel is cited as offering faster payments, quicker settlement, and fewer middlemen.
  • An announcement image shows a Korea-Japan cooperation fund established between Shinhan Venture Investment and SBI Group spanning manufacturing, deep tech, and materials, parts, and equipment.

Sources · 5 sources

  1. WI

    Whale Insider@WhaleInsiderPost on X ·

    JUST IN: 🇯🇵🇰🇷 Japanese visitors may be able to pay with yen stablecoins in South Korea under Shinhan-SBI pact. https://t.co/zGO7VQv3KQ

    Open source
  2. CO

    CoindeskArticle ·

    Japanese visitors may be able to pay with yen stablecoins in South Korea under Shinhan-SBI pact The collaboration will explore card-linked merchant payments for Japanese visitors in South Korea and peer-to-peer wallet transfers among broader cross-border trade remittances.

    Open source
  3. CT

    Coin TelegraphArticle ·

    Shinhan, SBI make Japan-Korea tourist spending a test case for yen stablecoins The companies will assess safeguards for travelers and whether stablecoins can speed up trade settlement between South Korea and Japan.

    Open source
  4. TM

    That Martini Guy ₿@MartiniGuyYTPost on X ·

    Stablecoins are starting to move into the real world. Shinhan and SBI are looking at using yen stablecoins for tourists travelling between Japan and South Korea. Faster payments, quicker settlement, fewer middlemen. People keep debating whether crypto has any real-world use cases. This is literally one of them.

    Open source
  5. CB

    Crypto BriefingArticle ·

    Shinhan Card and SBI test yen stablecoin payments for Japanese tourists in South Korea The yen stablecoin pilot could revolutionize cross-border payments, enhancing financial integration and digital asset adoption in Asia. The post Shinhan Card and SBI test yen stablecoin payments for Japanese tourists in South Korea appeared first on Crypto Briefing .

    Open source