SBI Group and Nodeinfra Launch Cross-Border Payment Network with Test Tokens

SBI Group and Nodeinfra are working on a cross-border payment network linking Japanese and Korean financial institutions. The project, called Project Musubi, aims to eventually settle real payments between Japan and South Korea.

The initial testing phase will rely on yen and won test tokens rather than commercial stablecoins. SBI Digital Practice is connecting Japanese financial institutions into the network, while Nodeinfra is building the core settlement protocol for Korean partners.

Japan already has its own JPYSC stablecoin, launched in June by SBI through SBI Shinsei Trust Bank. However, South Korea's regulatory framework for won-denominated digital assets remains under negotiation, which is holding back the project's progress.