Shinhan Card in South Korea is testing, with SBI VC Trade and SBI XDC Network APAC, yen-backed stablecoin payments between Japan and South Korea. The collaboration will study card-linked merchant payments for Japanese visitors in South Korea, peer-to-peer wallet transfers and stablecoin settlement of cross-border trade, with systems to detect suspicious transactions and meet anti-money laundering rules. The project is at an early stage; the stablecoin has not been named and no trial or commercial launch timeline has been set. SBI distributes JPYSC, a yen-backed stablecoin issued by SBI Shinsei Trust Bank, with about 20.1 billion yen ($127 million) in circulation as of Sept. 7, but it is limited to SBI VC Trade accounts. Shinhan Card, which serves around 20 million cardholders, will link the project to Shinhan Financial's digital-asset push, including an August agreement with Visa.
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