Shinhan Card, a major South Korean credit card issuer, has partnered with SBI VC Trade and SBI XDC Network APAC to test yen-denominated stablecoin payments. The agreement was signed in Tokyo on October 20, 2026, by Shinhan Card President Park Chang-hoon and SBI VC Trade Representative Director Tomohiko Kondo.
The pilot program focuses on three main areas: card-linked stablecoin payments for Japanese tourists in South Korea, direct wallet-to-wallet transfers, and cross-border trade settlements. The trade settlement component will utilize blockchain technology provided by SBI XDC Network APAC.
The project aims to integrate stablecoins into existing card networks to simplify the user experience. During the testing phase, the companies will evaluate anti-money laundering controls and fraud detection systems to ensure security and compliance.
The initiative targets the tourism and trade corridor between Japan and South Korea, which saw over 10 million visitor movements in the first eight months of 2026. Commercial implementation remains subject to regulatory approval in both jurisdictions.
