Shinhan Card and SBI Group sign agreement to test yen stablecoin payments for Japan-Korea travelers
South Korea's Shinhan Card and Japan's SBI Group will test yen-denominated stablecoin payments for cross-border travel and trade settlement.
Why it matters
The partnership tests whether stablecoins can improve cross-border payment convenience for the high-volume Japan-Korea travel corridor and speed up trade settlement between the two economies. Success could provide a template for regulated stablecoin use in retail and commercial payments across East Asia.
Key facts
Shinhan Card signed an agreement with SBI VC Trade and SBI XDC Network APAC on October 20, 2026 to test yen stablecoin payments
Reported by Cointelegraph
The trials will test stablecoin card payments, wallet-to-wallet transfers, cross-border trade settlement, and anti-fraud controls
Reported by Cointelegraph
More than 10 million visitor arrivals were recorded between Japan and South Korea in the first eight months of 2026
10,000,000 arrivalsReported by Cointelegraph
South Korea was Japan's largest source of foreign visitors with 7.42 million arrivals in the first eight months of 2026
7,420,000 arrivalsReported by Cointelegraph
Japan was South Korea's second-largest source of foreign visitors with 2.7 million arrivals in the first eight months of 2026
2,700,000 arrivalsReported by Cointelegraph
Shinhan Card completed a proof-of-concept for stablecoin payments and cross-border settlement in April 2026
Reported by Cointelegraph
SBI VC Trade registered in March 2025 as Japan's first crypto asset exchange operator
Reported by Cointelegraph
No commercial launch date has been announced for the yen stablecoin payment service
Reported by Crypto.News
What happened
Shinhan Card signed a memorandum of understanding with SBI VC Trade and SBI XDC Network APAC on October 20 in Tokyo to test yen stablecoin payments for travelers and cross-border trade settlement between South Korea and Japan. The trials will cover card payments, wallet-to-wallet transfers, and anti-fraud controls, building on Shinhan's April proof-of-concept and SBI's existing stablecoin business. More than 10 million visitor arrivals were recorded between the two countries in the first eight months of 2026. No commercial launch date has been announced and the work remains at the proof-of-concept stage.
How the story developed
- Official statement
Shinhan Card and SBI Group sign MOU for yen stablecoin trials
Agreement signed in Tokyo on October 20, 2026 covering card payments, wallet transfers, trade settlement and anti-fraud controls
- First report
First report by Cointelegraph
Shinhan, SBI make Japan-Korea tourist spending a test case for yen stablecoins
- Official statement
Shinhan Card completes stablecoin proof-of-concept
Shinhan Card finished a proof-of-concept covering stablecoin payments and cross-border settlement
- Update
Cointelegraph reports on the partnership
First media report published
- Official statement
SBI VC Trade registers as Japan's first crypto asset exchange operator
SBI VC Trade received registration in March 2025
- Independent corroboration
Independently corroborated by Crypto.News
Shinhan Card, SBI to test yen stablecoin payments for Japan–Korea travelers
- Update
Crypto.News publishes independent coverage
Second outlet confirms details including 10.1 million visitor figure and XDC Network node ecosystem consideration
How coverage built up
Independent sources over time, counted the way the consensus panel counts them: a republication of a wire story does not move the line.
- 21 Oct 2026, 10:22 UTC: Cointelegraph — 1 independent source, 1 reports
- 21 Oct 2026, 11:27 UTC: Crypto.News — 2 independent sources, 2 reports
- 21 Oct 2026, 12:10 UTC: CoinDesk — 3 independent sources, 3 reports
- 21 Oct 2026, 16:51 UTC: Crypto News (CryptoNews.net) — 4 independent sources, 4 reports
- 22 Oct 2026, 09:45 UTC: Unchained — 5 independent sources, 5 reports
Affected entities
Also mentioned: Circle, Base, PayPal, Chainlink
Original sources
| Publisher | Report | Role | Published |
|---|---|---|---|
| Cointelegraph Crypto media | Shinhan, SBI make Japan-Korea tourist spending a test case for yen stablecoins | Original | |
| CoinDesk Crypto media | Japanese visitors may be able to pay with yen stablecoins in South Korea under Shinhan-SBI pact | Independent | |
| Unchained Crypto media | Shinhan Card, SBI-Affiliated Crypto Firms Plan Yen Stablecoin Tests for In-Store Payments | Independent | |
| Crypto.News Crypto media | Shinhan Card, SBI to test yen stablecoin payments for Japan–Korea travelers | Independent | |
| Crypto News (CryptoNews.net) Aggregator | SBI and Shinhan Card Partner on Blockchain Payments | Syndicated |
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