Shinhan Card has signed a memorandum of understanding with SBI VC Trade and SBI XDC Network APAC to jointly test yen stablecoin payment services. The agreement, signed in Tokyo on October 20 and announced the following day, will launch proof-of-concept work covering card payments, wallet-to-wallet transfers and cross-border trade settlement. The initiative aims to expand a Web3 payment ecosystem built around stablecoins.
Under the card payment PoC, the companies will link stablecoins to cards and assess whether Japanese visitors can use them with convenience comparable to existing card payments. They will also review anti-money laundering and fraud detection safeguards. The partners additionally plan to test whether yen stablecoins can support faster and more efficient trade settlement than conventional international remittance networks.
The collaboration also includes consideration of participation in the XDC Network node ecosystem. Based on the PoC results, the three companies plan to continue detailed discussions for each workstream. The next milestone is the execution and evaluation of these pilots, which will determine how the partners proceed with stablecoin-based cross-border payment and settlement services between South Korea and Japan.
Source: Shinhan Card.
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