Japanese visitors to South Korea might one day be able to transact using yen stablecoins linked to payment cards following experiments conducted by South Korean card issuer Shinhan Card and subsidiaries of the Tokyo-based financial services company SBI Holdings.
Shinhan Card, a unit of Shinhan Financial, is working with cryptocurrency exchange SBI VC Trade and trade finance blockchain company SBI XDC Network APAC to explore yen-backed stablecoin payments between the two countries, SBI Holdings said.
The companies will also study wallet-to-wallet transfers and the use of stablecoins to settle cross-border trade payments. Their work will include systems to detect suspicious transactions and meet anti-money laundering rules.
The process remains at an early stage. The firms have not named the stablecoin they plan to test or set a timeline for trials, let alone a commercial launch.
SBI already distributes JPYSC, a yen-backed stablecoin issued by SBI Shinsei Trust Bank and introduced with Startale Group in June. The token had about 20.1 billion yen ($127 million) in circulation as of Sept. 7, according to SBI VC Trade.
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