Skip to content
$BTC$83,509+2.4%$ETH$2,468+3.0%$SOL$106.93+2.4%$XRP$1.36+4.4%$TON$1.780.0%MCap$2.76T+1.9%BTC.D60.5%Fear&Greed63 GreedGas0.12 gwei·1.1 sat/vBNews mood21% bullish
Basis Desk

New from Basis Desk: free Telegram proxies for places where Telegram is blocked or slowed down.Connect in one tap →

Stablecoins & Payments · 1 min read

Shinhan Card and SBI Holdings Partner to Test Yen Stablecoin Payments

The joint initiative explores card-linked retail payments for Japanese tourists in South Korea, alongside peer-to-peer and trade settlements.

Editorial oversight: Julian Mercer, Chief Editor
Neutral

At a glance Announced

What happened
Shinhan Card partnered with SBI Holdings subsidiaries to test cross-border yen stablecoin payments for merchant retail and trade settlements.
Why it matters
The program marks institutional exploration of card-linked fiat stablecoin settlement between South Korea and Japan.
Who is affected
Shinhan Card, SBI VC Trade, SBI XDC Network APAC, and potentially Japanese visitors to South Korea.
What's next
No next step announced.
Primary source
coindesk.com: Japanese visitors could soon pay with yen stablecoins in South Korea under Shinhan-SBI pact

Key points

  • Shinhan Card, SBI VC Trade, and SBI XDC Network APAC are exploring yen stablecoin payments between Japan and South Korea.
  • The collaboration targets card-linked merchant transactions for travelers, peer-to-peer wallet transfers, and corporate trade settlements.
  • SBI distributes JPYSC, which held 20.1 billion yen ($127 million) in circulation as of Sept. 7, but no specific token has been selected for the pilot.

South Korean card issuer Shinhan Card and subsidiaries of Japan-based financial conglomerate SBI Holdings have partnered to explore cross-border yen-pegged stablecoin payments 1. Under the agreement, Shinhan Card is collaborating with cryptocurrency exchange SBI VC Trade and trade finance blockchain firm SBI XDC Network APAC 1. The initiative targets card-linked retail payments for Japanese tourists visiting South Korea, peer-to-peer wallet transfers, and cross-border trade settlements 1.

The initiative remains in an early phase, with the participating firms yet to disclose a specific stablecoin asset or set a timeline for trials and commercial deployment 1. The project will also evaluate infrastructure designed to trace suspicious transactions and maintain compliance with anti-money laundering regulations 1. Although SBI already distributes JPYSC—a yen-backed stablecoin issued by SBI Shinsei Trust Bank alongside Startale Group—the token remains confined to internal SBI VC Trade accounts, with public blockchain circulation contingent on regulatory, tax, and legal clearance 1. SBI VC Trade reported that JPYSC had approximately 20.1 billion yen ($127 million) in circulation as of Sept. 7 1. The companies have not confirmed whether JPYSC will be used in the trials 1.

Cross-Border Stablecoin Expansion

The pilot program connects to Shinhan Financial Group's ongoing digital asset expansion 1. In August, Shinhan established an agreement with Visa to examine stablecoin issuance, transfers, and card-linked settlements 1. The move follows similar regional efforts, such as partnerships by Visa, Stripe, and OKX to advance enterprise settlement corridors 1. Shinhan Card currently serves roughly 20 million cardholders across South Korea 1.

No firm launch dates have been established by Shinhan Card or SBI Holdings, as cross-border deployment hinges on bilateral regulatory approvals and ongoing compliance testing 1.

Questions this story raises

Which stablecoin is being used for the Shinhan and SBI pilot?
The companies have not named the stablecoin to be tested. While SBI distributes the JPYSC token, they have not confirmed if it will be included in the pilot.
When will cross-border yen stablecoin payments launch commercially?
No commercial timeline or trial schedule has been established by Shinhan Card or SBI Holdings.

Sources

  1. [1] Japanese visitors could soon pay with yen stablecoins in South Korea under Shinhan-SBI pact — coindesk.com, October 21, 2026

Written by Basis Desk's newsroom system from the primary sources above and machine-verified against them before publication. Market figures marked "at the time of writing" come from live exchange data. Report an error: corrections@basisdesk.news · corrections policy.

Community read
How do you read this story for the assets involved? One vote a day, anonymous.
Be the first to vote
Share X Telegram Bluesky Markdown

The Daily Brief, in your inbox at 07:00 ET

Five stories, the numbers that moved, what to watch. Three minutes. No hype, no advice, unsubscribe in one click.

Not financial advice. Basis Desk publishes information, not recommendations. Crypto assets are volatile and you can lose what you invest.