Yen stablecoin payments could become an option for Japanese visitors to South Korea under an early-stage collaboration between Shinhan Card and two SBI Holdings subsidiaries. The companies are exploring card-linked purchases, wallet transfers and cross-border trade settlement, but have not selected a token or announced a testing schedule.

Key Takeaways

  • Shinhan Card is working with SBI VC Trade and SBI XDC Network APAC on potential Japan–South Korea payment uses.
  • The work covers card-linked merchant payments, wallet-to-wallet transfers and trade settlement, alongside anti-money laundering controls.
  • No trial or commercial launch timeline has been set, and JPYSC’s participation remains unconfirmed.

Table of Contents

Yen stablecoin payments span tourism and trade

The collaboration brings together Shinhan Card, part of Shinhan Financial, cryptocurrency exchange SBI VC Trade and trade finance blockchain company SBI XDC Network APAC.

For Japanese travelers, the proposed use would connect yen-backed stablecoins with payment cards for purchases at South Korean merchants. The companies will also study direct transfers between wallets and the settlement of cross-border trade payments.

Their work includes systems for identifying suspicious transactions and complying with anti-money laundering requirements. These remain areas of exploration rather than services with an announced launch date.

Existing JPYSC token is not a confirmed choice

SBI already distributes JPYSC, a yen-backed stablecoin issued by SBI Shinsei Trust Bank and introduced with Startale Group in June. According to SBI VC Trade, its circulation stood at about 20.1 billion yen ($127 million) as of Sept. 7.

The companies have not said whether that token will be used in the collaboration. JPYSC is currently restricted to SBI VC Trade accounts and cannot be transferred to external wallets.

Its circulation on public blockchains also depends on legal and tax clarity and regulatory approval, leaving a distinction between SBI’s existing token offering and the wallet-transfer uses now being studied.

Shinhan links the work to its broader digital-asset plans

Shinhan Card, which serves around 20 million cardholders, said the project would connect with Shinhan Financial’s wider digital-asset efforts. Those include an August agreement with Visa to explore stablecoin issuance, transfers and card settlement.

Conclusion

The pact defines potential payment uses between Japan and South Korea, not a ready-to-use service. Token selection, trial timing and any commercial rollout remain unannounced.

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