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Shinhan and Visa to pilot stablecoin issuance and card settlement in Korea
The partnership will test stablecoin issuance, remittances and redemptions, plus integrate stablecoins into card payment settlement and B2B and B2C payments.
CoinDesk reports that Shinhan Financial Group will work with Visa to use Visa’s enterprise stablecoin infrastructure for pilots in South Korea, including tests of stablecoin issuance, remittances and redemptions.
The agreement also includes pilots for stablecoin integration into bank card payment settlement, as well as expanded business-to-business and business-to-customer payments, with the firms jointly designing a Korea-specific business model.
CoinDesk adds that the deal is the first adoption of Visa’s enterprise stablecoin infrastructure by a top-tier South Korean financial group, following Visa’s July launch of the platform to test a full domestic settlement stack.
The partnership arrives as South Korea advances its Digital Asset Basic Act, a framework covering stablecoins, VASP licensing and crypto ETFs, and Shinhan plans additional crypto initiatives alongside the Visa work, including tests tied to won-denominated tokenized funds.