Shinhan Partners with Visa on Stablecoin Payments
South Korean financial group Shinhan has partnered with Visa to test issuing and sending stablecoins on its payment platform. This is part of a broader effort by Seoul to create formal rules for the stablecoin sector.
The deal, signed on August 24 at Shinhan's headquarters in central Seoul, will allow the company to run stablecoin functions through Visa's existing platform. The pilot program covers issuing tokens, sending them to other people, and cashing them in.
Shinhan plans to test the tokens in card payment settlement and build AI-powered payment models. The group also aims to expand business-to-business and business-to-consumer payment lines by connecting Visa's global network to its main subsidiaries, including Shinhan Bank, Shinhan Card, and Jeju Bank.
This is not Shinhan's first foray into stablecoin partnerships. In April, the company signed a memorandum of understanding with the Solana Foundation to test stablecoin payments on Solana's layer-1 blockchain.