Shinhan Financial Group Teams Up with Visa for Korea-Focused Stablecoin Initiative

Shinhan Financial Group has partnered with Visa to develop stablecoin payment infrastructure in South Korea. The companies will work together to test and implement a stablecoin model tailored to the country's financial system.

The partnership also involves the development of AI-powered payments and business transactions, as well as expanded B2B and B2C payment services.

Shinhan has already tested stablecoin payments on the Solana blockchain and has extended its work into tokenized financial products. The company's asset management arm signed a memorandum of understanding with the Solana Foundation to test the issuance and distribution of a Korean won-denominated tokenized fund.