Shinhan Card and SBI Partner to Test Yen Stablecoin Payments in South Korea

South Korea’s Shinhan Card has partnered with Japan’s SBI VC Trade and SBI XDC Network APAC to explore yen-backed stablecoin payments. The companies announced the agreement on October 21, 2026, following a signing ceremony in Tokyo on October 20. The partnership will test card-linked merchant payments, allowing Japanese visitors to potentially spend yen stablecoins at South Korean businesses. The initiative remains in the testing stage, with no confirmed commercial launch date.

The three companies will conduct joint proof-of-concept trials covering stablecoin card payments, wallet-to-wallet transfers, and cross-border trade settlement. They aim to determine whether blockchain-based payments can offer the convenience of traditional cards while improving international transaction efficiency. The trials will also examine anti-money laundering controls and fraud detection systems to address payment security risks.

Additionally, the partners will evaluate potential participation in the XDC Network ecosystem, which focuses on blockchain infrastructure for trade finance. The collaboration reflects growing interest among Asian financial institutions in integrating stablecoins with established payment networks. However, the companies must complete technical and operational assessments before introducing commercial services. The agreement could eventually support faster settlement and more convenient transactions between Japan and South Korea.