Japanese visitors to South Korea could eventually pay for purchases using yen-backed stablecoins under a new initiative involving Shinhan Card and subsidiaries of Japan’s SBI Holdings. The companies plan to explore card-linked payments, wallet transfers and blockchain-based settlement for cross-border trade, potentially creating a new bridge between the two countries’ digital payment systems.
The project will also examine transaction monitoring and anti-money laundering safeguards, highlighting the importance of regulatory compliance as financial institutions explore stablecoin-based payments. However, the initiative remains in its early stages, with no confirmed launch date or designated stablecoin for the trials.
SBI already distributes JPYSC, a yen-backed stablecoin issued by SBI Shinsei Trust Bank in collaboration with Startale Group. The token reportedly had approximately 20.1 billion yen in circulation as of September 7. However, it remains restricted to SBI VC Trade accounts and cannot currently be transferred to external wallets, leaving questions about whether it will be used in the proposed project.
For Shinhan Card, which serves around 20 million cardholders, the initiative builds on a broader push into digital assets, including a separate agreement with Visa to explore stablecoin issuance, transfers and card settlement.
If the project advances, it could help make cross-border payments more convenient for Japanese travelers and businesses while expanding the practical role of regulated stablecoins. For now, commercial adoption will depend on technical testing, regulatory clarity and the companies’ decision on which digital currency to use.
