Shinhan Card, SBI-Affiliated Crypto Firms Plan Yen Stablecoin Tests for In-Store Payments

The memorandum of understanding between South Korea’s Shinhan Card, SBI VC Trade and SBI XDC Network APAC also covers stablecoin settlement of cross-border trade, with specifics still to come. Shinhan Card , the credit card arm of South Korea’s Shinhan Financial Group , signed a memorandum of understanding with two Japanese crypto firms affiliated with SBI Holdings to study whether yen-denominated stablecoins can be used for payments at physical stores, according to a Japanese-language release SBI VC Trade published on Oct. 21.