Shinhan and Visa Partner on Stablecoin Payments in South Korea

Shinhan Financial Group and Visa have partnered to test stablecoin issuance, remittances, and redemption in South Korea. The partnership will use Visa's stablecoin platform to initially test essential functions, before developing a stablecoin business model tailored to the Korean market.

The companies signed a memorandum of understanding at Shinhan's headquarters in Seoul on Monday. They aim to explore applications for stablecoins in credit card settlement and other payment services.

Shinhan plans to combine its banking, card, and Jeju Bank operations with Visa's global network to develop new payment services that cater to changing habits. The group has also explored blockchain-based payment infrastructure through separate partnerships, including a recent trial of stablecoin payments with the Solana Foundation.