--- title: "Shinhan Card and SBI Holdings Partner to Test Yen Stablecoin Payments" description: "The joint initiative explores card-linked retail payments for Japanese tourists in South Korea, alongside peer-to-peer and trade settlements." url: https://basisdesk.news/news/shinhan-card-sbi-holdings-yen-stablecoin-payments published: 2026-10-21T12:22:22.227Z modified: 2026-10-21T12:22:22.227Z section: Stablecoins & Payments author: Basis Desk Newsroom (AI-generated, source-verified) sentiment: neutral tickers: [] tags: [Shinhan Card, SBI Holdings, yen stablecoin, South Korea, Japan, cross-border payments] license: Quote with attribution to Basis Desk (basisdesk.news). Not financial advice. --- # 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. ## At a glance - **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. - **Status:** announced - **Primary source:** [Japanese visitors could soon pay with yen stablecoins in South Korea under Shinhan-SBI pact](https://www.coindesk.com/business/2026/10/21/japanese-visitors-may-be-able-to-pay-with-yen-stablecoins-in-south-korea-under-shinhan-sbi-pact) — coindesk.com ## 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. ## Editorial remark - **Context:** Traditional financial institutions in Japan and South Korea have gradually increased cross-border blockchain initiatives, supported by Shinhan's August pact with Visa to study card-linked settlement rails. - **Impact:** If deployed commercially, the program could lower foreign transaction fees and settlement delays for Shinhan Card's 20 million users and Japanese tourists traveling to South Korea. - **Watch:** Confirmation of whether the partners will deploy SBI's JPYSC stablecoin or issue an alternative asset, along with regulatory filings submitted in Japan or South Korea. 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](https://basisdesk.news/analysis/visa-stripe-okx-expand-stablecoin-settlement) 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]. ## FAQ **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. [Japanese visitors could soon pay with yen stablecoins in South Korea under Shinhan-SBI pact](https://www.coindesk.com/business/2026/10/21/japanese-visitors-may-be-able-to-pay-with-yen-stablecoins-in-south-korea-under-shinhan-sbi-pact) — coindesk.com, 2026-10-21 --- Basis Desk Newsroom · AI-generated, source-verified · https://basisdesk.news/about/how-we-use-ai