South Korea’s Shinhan Card taps Solana to test real-world stablecoin payments

Shinhan Card signed a deal with Solana Foundation to expand stablecoin payment tests and explore non-custodial wallets and DeFi-based services.

One of South Korea’s largest credit card providers, Shinhan Card, signed a memorandum of understanding with the Solana Foundation to test stablecoin payment technology and explore the use of non-custodial wallets through a more advanced follow-on proof of concept (PoC). 

Following a joint pilot project completed at the beginning of April, the new partnership will conduct a more “advanced” PoC to explore the commercial feasibility of stablecoin payments for merchants and customers seeking an improved payment experience, Shinhan Card announced on Thursday.

The partnership will also explore developing a “hybrid financial model” that combines traditional finance (TradFi) and decentralized finance (DeFi) infrastructure.

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