SBI VC Trade, Shinhan Card Plan Yen Stablecoin Payment Tests

SBI VC Trade, SBI XDC Network APAC and South Korea’s Shinhan Card signed an agreement at an Oct. 20 ceremony in Tokyo to explore yen stablecoin payments at physical stores. The companies announced the agreement Oct. 21. They plan proof-of-concept trials to assess whether yen stablecoins and other digital assets could support in-person payment services and viable business models. The agreement does not launch a payment service. Under the same agreement, SBI XDC Network APAC and Shinhan Card will cooperate on XDC Network infrastructure and its ecosystem. The companies also plan to examine cross-border trade settlement.