Shinhan Card of South Korea signed an agreement with Japan's SBI VC Trade and SBI XDC Network APAC to test yen stablecoin payments for travelers, covering stablecoin card payments, wallet-to-wallet transfers and cross-border trade settlement. The companies will also assess anti-money-laundering and fraud-detection controls. The initiative comes as travel between the two countries exceeded 10 million visitor arrivals in the first eight months of 2026, with South Korea the largest source of visitors to Japan at 7.42 million. Shinhan Card had completed a proof-of-concept covering stablecoin payments and cross-border settlement in April.
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- Japanese visitors may be able to pay with yen stablecoins in South Korea under Shinhan-SBI pact
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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