Shinhan, SBI make Japan-Korea tourist spending a test case for yen stablecoins
The companies will assess safeguards for travelers and whether stablecoins can speed up trade settlement between South Korea and Japan.
South Korea’s Shinhan Card announced Wednesday that it signed an agreement with Japan’s SBI VC Trade and SBI XDC Network APAC to test yen stablecoin payments for travelers and cross-border trade settlement.
Under the pact signed Tuesday, the companies will test stablecoin card payments, wallet-to-wallet payments and cross-border trade settlement. They will also assess anti-money-laundering and fraud-detection controls.
Shinhan Card is one of South Korea’s biggest credit card companies. SBI is a Japanese financial heavyweight that runs banks, brokerages, insurers and crypto exchanges.