SBI and Nodeinfra Launch Cross-Border Payment Network with Stablecoin Support
Japanese financial services company SBI has entered into an agreement with Korean firm Nodeinfra to develop a cross-border payment network between Japan and Korea. The project, called Project Musubi, aims to use stablecoins denominated in yen, won, and dollars alongside tokenized assets for PvP settlement.
The network will be built on the Canton Network, which will enable payment versus payment (PvP) settlement and distributed netting among participants. SBI will develop the integration layer connecting traditional financial systems to the network, while Nodeinfra will lead development of the core payment protocol, Daml smart contracts, and developer tools.
The project relies on stablecoins that do not yet freely circulate in either country. Japan's SBI launched its yen stablecoin JPYSC in June, but it remains confined to the SBI VC Trade platform pending regulatory and tax clarification. In Korea, traditional institutions are preparing for potential stablecoin regulation.