Shinhan Card, SBI to test yen stablecoin payments for Japan-Korea travelers
In brief
- Shinhan Card signed a test agreement with SBI VC Trade and SBI XDC Network APAC.
- Yen stablecoin pilot covers card payments, wallet-to-wallet payments and cross-border trade settlement.
- The companies will also assess anti-money-laundering and fraud-detection controls.
- Japan-Korea visitor arrivals exceeded 10 million in 2026's first eight months, Cointelegraph reported, citing official tourism figures.
- Shinhan Card completed stablecoin proof-of-concept testing in April, Cointelegraph reported.
What the pilot covers
Under the pact signed Tuesday, the three companies will test stablecoin card payments, wallet-to-wallet payments and cross-border trade settlement. They'll also assess anti-money-laundering and fraud-detection controls, according to Shinhan Card's announcement as reported by Cointelegraph.
The initiative is meant to support cross-border payments and settlement between South Korea and Japan, and to improve payment convenience for travelers.
It's a test agreement, not a product launch.
Why tourism is the test case
The traveler angle isn't random. Travel between the two countries generated more than 10 million visitor arrivals in the first eight months of 2026, according to official tourism figures from both countries cited by Cointelegraph. South Korea was Japan's largest source of foreign visitors, with 7.42 million arrivals. Japan was South Korea's second-largest source, at 2.7 million.
That flow runs heavily one way (7.42 million arrivals in Japan from South Korea, against 2.7 million going the other direction).
Who's involved
Shinhan Card is one of South Korea's largest credit card companies. SBI is a Japanese financial group that runs banks, brokerages, insurers and crypto exchanges.
Neither partner is starting from zero. Shinhan Card announced in April that it had completed proof-of-concept testing covering stablecoin payments and cross-border settlement, Cointelegraph reported. SBI VC Trade, for its part, registered in March 2025 as Japan's first electronic payment instruments exchange service provider, a status that let it handle USDC.
So the Korean card issuer has already run a proof of concept, and its Japanese partner already holds a registration that covers USDC. This pact takes the testing to yen stablecoin payments for travelers and for trade settlement between the two countries.
Frequently asked questions
What will Shinhan Card and SBI test under the new agreement?
The companies will test stablecoin card payments, wallet-to-wallet payments and cross-border trade settlement, according to Shinhan Card's announcement as reported by Cointelegraph. They will also assess anti-money-laundering and fraud-detection controls.
Why are travelers between Japan and South Korea the focus of the yen stablecoin pilot?
The initiative is meant to support cross-border payments between the two countries and to improve payment convenience for travelers. Official tourism figures cited by Cointelegraph show more than 10 million visitor arrivals between the two countries in the first eight months of 2026, including 7.42 million South Korean arrivals in Japan.
