Shinhan Card is piloting stablecoin payments on Solana’s testnet, marking one of the most advanced blockchain payment trials by a South Korean issuer. The initiative signals accelerating institutional interest in integrating decentralized rails into regulated payment systems.
The company announced a partnership with the Solana Foundation to develop a stablecoin-based payment infrastructure. The proof of concept (PoC), scheduled for this year, will simulate real-world transactions between consumers and merchants. It will also test non-custodial wallet security and transaction reliability under live-like conditions.
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South Korea’s financial sector has increased blockchain experimentation ahead of the Digital Asset Basic Act, expected to be finalized this year. Shinhan’s trial follows similar initiatives, including KBank’s collaboration with Ripple for cross-border remittances. But Shinhan’s focus on domestic merchant payments adds a new dimension to institutional testing.
“Building on Solana, we plan to closely examine the practical applicability of blockchain technology,” said Kim Young-il, executive vice president at Shinhan Card.
The firm is also exploring hybrid finance models that combine traditional systems with decentralized finance (DeFi), including oracle-based data integration for smart contract execution.
The PoC aims to establish whether blockchain-based payments can operate within existing compliance frameworks while delivering efficiency gains. Shinhan said it will align its findings with evolving regulations across South Korea and the broader Asia-Pacific region. The next catalyst will be regulatory clarity under the Digital Asset Basic Act and whether pilot results translate into production deployment.
