Yen Stablecoins Get Real-World Trial Through Japan-Korea Tourism Partnership Between Shinhan and SBI
The partnership will evaluate consumer protections for tourists while testing whether stablecoin technology can accelerate trade settlement processes between South Korea and Japan.
Shinhan Card, a major South Korean payment processor, revealed on Wednesday that it has entered into a partnership agreement with two Japanese entities—SBI VC Trade and SBI XDC Network APAC—to pilot yen-denominated stablecoin payment systems for international tourists and commercial cross-border settlements.
According to the agreement executed on Tuesday, the collaborative partners will conduct trials encompassing stablecoin-enabled card transactions, direct wallet-to-wallet payment transfers, and international trade settlement mechanisms. The testing framework will additionally evaluate systems designed to prevent money laundering and detect fraudulent activities.
Among South Korea's leading credit card issuers, Shinhan Card stands as a major player. Meanwhile, SBI represents a significant Japanese financial conglomerate operating banking institutions, securities firms, insurance providers, and cryptocurrency trading platforms.
The new collaborative effort aims to facilitate payment and settlement processes across borders between these East Asian neighbors while enhancing the overall payment experience for tourists traveling between the two nations.
Tourist traffic flowing between the neighboring countries exceeded 10 million total visitor arrivals during the initial eight months of 2026, based on official tourism statistics published by both governments. For Japan, South Korea represented its top source of international visitors, accounting for 7.42 million arrivals. Conversely, Japan ranked as the second-largest origin of visitors to its neighbor, contributing 2.7 million arrivals.
In April, Shinhan Card made public that it had successfully concluded proof-of-concept trials encompassing both stablecoin payment systems and international settlement processes.
Having obtained registration status in March 2025 as Japan's inaugural electronic payment instruments exchange service provider, SBI VC Trade gained authorization to facilitate transactions involving USDC.