Shinhan Card Taps Solana for Stablecoin Payment Pilot Ahead of Korea Crypto Rules

Highlights:

• Shinhan Card has tapped Solana to test stablecoin payments in real customer and merchant transactions.
• The company is testing wallet security, stability, and how users manage assets during payments.
• DeFi tools and real-world data help process payments faster through automated smart contracts.

Shinhan Card, South Korea’s largest credit card company, signed a partnership with the Solana Foundation on Thursday to develop stablecoin payment systems on Solana infrastructure. The company operates as one of the largest credit card issuers in South Korea and serves millions of users.

SOLANA PARTNERS WITH SOUTH KOREAN CARD GIANT FOR STABLECOIN PAYMENTS PUSH

Solana (@solana) has teamed up with Shinhan Card to explore stablecoin payments for millions of users.

The South Korean card giant serves over 28 million cardholders.

The partnership will test real world… pic.twitter.com/S4x5at9PV6

— BSCN (@BSCNews) April 30, 2026

Shinhan Card launched an advanced proof-of-concept this year to test stablecoin payments under real conditions. The company uses Solana’s testnet to simulate transactions between customers and merchants in retail settings. The trial tests how stablecoin payments function during everyday purchases in controlled environments. Shinhan Card measures transaction speed, system reliability, and cost efficiency during these simulations.

The project builds on a proof-of-concept completed last year that tested initial blockchain payment functions. Shinhan Card is conducting phased testing before wider deployment. The company is reviewing performance data to assess readiness for large-scale payment operations. Shinhan Card is also testing payment use across retail, service platforms, and digital commerce environments.

Shinhan Card and Solana Foundation are also exploring commercial opportunities linked to stablecoin payment systems across different sectors. The collaboration includes evaluation of transaction flows and system behavior during simulated customer and merchant interactions.

Kim Young-il, executive vice president of Shinhan Card, said, “Building on Solana, we plan to closely examine the practical use of blockchain technology. We will also explore new financial models that support future payment systems.”

Firm Focuses on Wallet Safety and New Finance Models

Shinhan Card is testing non-custodial wallets within the payment system. These wallets allow users to manage assets directly without third-party control. At the same time, Shinhan Card is assessing wallet security, stability, and performance before any rollout.

Meanwhile, Shinhan Card is developing a hybrid finance model. This model combines traditional finance systems with decentralized finance tools. As a result, the company is testing how both systems interact during real payment execution.

Furthermore, Shinhan Card is building its own DeFi service environment to support blockchain-based financial services. The company uses Oracle technology to connect real-world transaction data with blockchain systems. Oracle systems deliver verified external data into the network for accurate processing.

Consequently, smart contracts use this data to process transactions in real time. Shinhan Card is testing how these contracts execute payments based on predefined conditions. In parallel, the company is testing monitoring tools and governance systems to track performance and maintain system stability during operations.

Shinhan Card Taps Solana to Align With Korea Rules and Industry Trials

Shinhan Card is reviewing test results alongside regulatory developments in South Korea’s digital asset sector. Lawmakers are developing the Digital Asset Basic Act to define rules for digital asset operations. The framework is expected to be finalized within the year.

Financial institutions in South Korea are increasing blockchain activity ahead of the regulatory framework. KBank partnered with Ripple to test blockchain-based cross-border remittance systems. KBank works with crypto exchange Upbit within the local digital asset ecosystem.

🇰🇷 S.KOREA'S KBANK PARTNERS WITH RIPPLE FOR GLOBAL PAYMENTS

South Korea’s internet-only bank KBank has teamed up with Ripple to work on a proof-of-concept for onchain cross-border transactions.

The goal is faster, cheaper, and more transparent international payments by cutting… pic.twitter.com/QOnQkjiMIR

— Coin Bureau (@coinbureau) April 27, 2026

The Ministry of Economy and Finance selected a regulatory sandbox project that uses tokenized deposits for government spending. Authorities plan to launch the system in Sejong City in the fourth quarter of this year.

The system replaces government-issued payment cards with tokenized deposits linked to blockchain systems. Authorities set spending conditions based on time limits and usage categories before transactions occur. These conditions define how and when funds can be used during transactions.

Meanwhile, nine banks, including Shinhan, participate in issuing and managing tokenized deposits within the system. The system connects with the government’s Digital Budget and Accounting System to record and track transactions on blockchain infrastructure.