Shinhan Card and SBI collaborate to explore cross-border payment and settlement using a yen stablecoin

AT A GLANCE

Shinhan Card and SBI-related subsidiaries are studying applications of a yen stablecoin in cross-border payments, transfers, and trade settlement between South Korea and Japan.

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[Shinhan Card of South Korea and Japan's SBI collaborate to explore cross-border payment and settlement using a yen stablecoin]

Shinhan Card, a subsidiary of South Korea's Shinhan Financial Group, is working with a subsidiary of Japan's SBI Holdings to explore payment applications of a yen stablecoin between the two countries. Participants include cryptocurrency exchange SBI VC Trade and trade finance blockchain company SBI XDC Network APAC. The collaboration will study scenarios including card-linked merchant payments for Japanese tourists visiting South Korea, wallet-to-wallet transfers, and cross-border trade settlement, and will include suspicious transaction monitoring and anti-money laundering compliance systems. Shinhan Card serves approximately 20000000 cardholders and stated that it will align the project with Shinhan Financial's broader digital asset strategy, including August's agreement with Visa to explore stablecoin issuance, transfers, and card settlement. The project remains at an early stage; the parties have not disclosed the type of stablecoin to be tested or set a timeline for testing or commercial implementation.SBI previously issued a yen stablecoin SBI launched by JPYSC Trust Bank in partnership with Startale Group. As of September 7, its circulating supply was approximately 20100000000 yen (approximately 127000000 USD）。JPYSC is currently limited to SBI VC Trade accounts and cannot yet be transferred to external wallets. Its circulation on public blockchains depends on legal and tax clarity as well as regulatory approval, and the parties did not specify whether JPYSC would be included in this test.

Key points

Shinhan Card is working with a subsidiary of Japan's SBI Holdings to explore payment applications of a yen stablecoin between South Korea and Japan.
Participants include SBI VC Trade and SBI XDC Network APAC。
The scenarios under study include card-linked merchant payments for Japanese tourists visiting South Korea, wallet-to-wallet transfers, and cross-border trade settlement.
The collaboration includes suspicious transaction monitoring and anti-money laundering compliance systems.
Shinhan Card serves approximately 20000000 cardholders.
Shinhan Card stated that the project will align with Shinhan Financial's broader digital asset strategy, including August's agreement with Visa.
The project remains at an early stage. The type of stablecoin to be tested has not been disclosed, nor has a timeline been set for testing or commercial implementation.
SBI Previously issued was a yen stablecoin SBI launched by Trust Bank in partnership with Startale Group.JPYSC。
As of September 7，JPYSC, the circulating supply was approximately 20100000000 yen, equivalent to approximately 127000000 USD。
JPYSC Currently limited to SBI VC Trade accounts, it cannot yet be transferred to external wallets.
JPYSC Its circulation on public blockchains depends on legal and tax clarity as well as regulatory approval.
The parties did not specify whether JPYSC would be included in this test.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

This collaboration is currently focused primarily on researching how to use yen-linked stablecoins for payments, wallet transfers, and trade settlement between South Korea and Japan, while designing transaction monitoring and anti-money laundering measures. It is not yet a payment service available for use.

Why it matters to readers

If the related research proceeds to testing, the yen stablecoin could be used in scenarios such as tourist spending and cross-border settlement; however, the original text does not confirm a specific stablecoin or provide a timeline for testing or commercial implementation.

Beginners should distinguish between “exploratory research” and “already live.” At present, it is not advisable to conclude from this news alone that JPYSC it will participate in testing, or that related cross-border payment functions will soon become available.

Risks and unknowns

The types of stablecoins proposed for testing have not yet been disclosed.
JPYSC Whether it will be included in this test remains unclear.
The timeline for the launch of testing and commercial implementation has not yet been determined.
JPYSC Whether it can circulate on a public blockchain still depends on legal and tax clarity and regulatory approval.
The original text does not include official announcements from the participants or specific testing details.

Shinhan Card and SBI collaborate to explore cross-border payment and settlement using a yen stablecoin

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