Shinhan Card and SBI Group Team Up to Test Yen Stablecoin Payments

Highlights:

• Shinhan Card and SBI Group have partnered to test Japanese yen-backed stablecoin payments between South Korea and Japan.
• The companies will explore card payments, digital wallet transfers, and faster cross-border settlements using stablecoin technology.
• The partnership will also focus on payment security, fraud prevention, and improving international transactions for businesses.

South Korea’s Shinhan Card has partnered with Japan’s SBI Group to test payments using Japanese yen-backed stablecoins. The companies will explore card payments, digital wallet transfers, and cross-border settlements. Their goal is to make payments easier between South Korea and Japan.

In an October 21 announcement, Shinhan Card confirmed the agreement with SBI VC Trade and SBI XDC Network APAC. The companies signed the deal on October 20 at SBI Group’s Tokyo headquarters.

JUST IN: Japan's SBI subsidiaries partner with South Korea's Shinhan Card to explore stablecoin-powered cross-border payments and settlements! 🚀 pic.twitter.com/LusF4DDva6

— The Moon Show (@TheMoonShow) October 21, 2026

Under the agreement, the three companies will conduct proof-of-concept (PoC) tests. These trials will examine how stablecoins could work with existing payment systems. The first test will connect yen-backed stablecoins to a payment card. Shinhan Card wants to see whether Japanese visitors can make purchases as easily as with regular cards.

The companies will also test wallet-to-wallet payments. This service would allow users to transfer stablecoins directly between digital wallets. However, security will remain a major focus. The partners will review anti-money laundering (AML) systems and fraud-detection tools. These checks will help them assess the safety of stablecoin transactions.

The announcement did not identify a specific yen stablecoin for the trials. It also provided no launch date for a commercial payment service.

SBI Group to Explore Faster Cross-Border Settlements

The partnership also covers international trade payments. The companies will test whether stablecoins can settle transactions faster than traditional international banking systems. Cross-border payments often involve several banks and payment providers. Stablecoin transfers could offer another way to move funds between countries.

Meanwhile, the companies will consider joining the XDC Network node ecosystem. XDC is a blockchain network focused on business payments and trade finance. SBI XDC Network APAC is a joint venture between SBI Holdings and XDC Network. It develops blockchain infrastructure for trade finance and settlements.

Another partner, SBI VC Trade, operates a major cryptocurrency exchange in Japan. The company brings digital asset trading experience to the project. After completing the tests, the partners plan to review the results and discuss their next steps. They have not announced when customers can access the proposed services.

Shinhan Expands Its Digital Payment Strategy

The latest agreement follows Shinhan Financial Group’s earlier digital payments work. In August 2026, the group signed a partnership with Visa covering digital assets and artificial intelligence. Shinhan Card now plans to build on that strategy through its cooperation with SBI Group. The company wants to connect traditional payment services with blockchain technology.

Its immediate focus is on improving payment options for visitors traveling between Japan and South Korea. The partners will also explore stablecoin settlements for businesses operating across both countries.

The agreement follows another stablecoin payment partnership involving SBI Group. On October 13, South Korea’s KB Kookmin Card partnered with SBI Holdings to explore digital asset payments for Japanese tourists. The companies also plan to test payment security, refunds, and fraud prevention before launching any services.

据 Kmaeil 报道，韩国 KB 国民卡（KB Kookmin Card）宣布与日本金融集团 SBI 控股（SBI Holdings）、SBI Everspin 及 Everspin 签署数字化金融合作谅解备忘录（MOU）。各方将共同验证 AI 代理身份与访问权限的管理技术（如 SBI Everspin 策划开发的“KYA Trust Gateway”平台），以确保 AI…

— 吴说区块链 (@wublockchain12) October 13, 2026