Shinhan and SBI explore yen stablecoin payments for Japanese visitors in South Korea
Shinhan and SBI test yen stablecoin payments across borders
Shinhan Card, a South Korean card issuer, and subsidiaries of Tokyo-based financial services company SBI Holdings are running experiments with yen-backed stablecoins for payments and trade settlement between Japan and South Korea. A stablecoin is a digital token designed to hold a steady value, in this case tied to the Japanese yen.
One possible result: Japanese visitors to South Korea might one day pay at merchants using yen stablecoins linked to payment cards. The work is described as early stage, and the companies have not named the stablecoin they plan to test or set a timeline for trials or a commercial launch.
What the companies plan to study
- Yen stablecoin payments for cross-border transactions and trade settlement.
- Card-linked merchant payments for Japanese visitors in South Korea.
- Wallet-to-wallet transfers. A wallet is software that holds digital assets.
- Systems to spot suspicious transactions and meet anti-money laundering rules.
What SBI says about its yen stablecoin
SBI already distributes JPYSC, a yen-backed stablecoin issued by SBI Shinsei Trust Bank and introduced with Startale Group in June, according to SBI Holdings. SBI VC Trade reported the token had about 20.1 billion yen, or $127 million, in circulation as of Sept. 7.
JPYSC is currently limited to SBI VC Trade accounts and cannot yet be moved to external wallets. Its use on public blockchains also depends on legal and tax clarity and regulatory approval. The companies have not said whether JPYSC will be part of the test program.
Shinhan ties the project to wider digital asset work
Shinhan Card, which it says serves around 20 million cardholders, said it would connect the project to Shinhan Financial's broader digital asset push. That includes an August agreement with Visa to explore stablecoin issuance, transfers and card settlement.
What is confirmed
Shinhan Card is working with cryptocurrency exchange SBI VC Trade and trade finance blockchain company SBI XDC Network APAC on the effort, SBI Holdings said. The plan covers yen stablecoin payments between the two countries, wallet-to-wallet transfers, trade payment settlement, and compliance checks.
Shinhan Card links the work to its August agreement with Visa. JPYSC figures and its current limits come from SBI VC Trade.
What is still unclear
The stablecoin to be tested has not been named. No trial dates or commercial launch timeline have been announced. It is not known whether JPYSC will be used in the program. No commercial timeline is set.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.