Shinhan, Visa Partner on Stablecoin Payment Infrastructure

Shinhan Financial Group, one of South Korea’s five largest financial conglomerates, is partnering with Visa to develop stablecoin infrastructure and AI-powered payment models as the country moves toward clearer digital asset regulation.

The Seoul-based financial group plans to use Visa’s enterprise stablecoin platform to test key functions such as stablecoin issuance, remittances and redemption. The companies will also work together to develop payment and settlement services tailored to the South Korean market.

The partnership makes Shinhan the first major South Korean financial group to formally adopt Visa’s enterprise stablecoin infrastructure, which was launched in July. The initiative will test a complete domestic settlement system and could strengthen Visa’s position in South Korea’s emerging bank-led stablecoin market.

Visa and Shinhan also intend to conduct pilot programs connecting stablecoins with bank card payment settlement. The collaboration will explore applications for both business-to-business (B2B) and business-to-consumer (B2C) payments.

“We will combine Shinhan's financial capabilities with Visa's global infrastructure to jointly design new future finance models,” Shinhan Financial Group Chairman Jin Ok-dong said.

The stablecoin partnership comes as South Korea advances its Digital Asset Basic Act, which is expected to establish a broader regulatory framework for cryptocurrencies. The legislation covers areas including stablecoins, virtual asset service provider licensing and crypto exchange-traded funds.

Shinhan, which manages approximately 134 trillion won ($100 billion) in assets, has already expanded its involvement in blockchain and tokenization projects.

Earlier in August, Shinhan’s asset management division signed an agreement with the Solana Foundation, Etherfuse and decentralized exchange Orca to test a Korean won-denominated tokenized fund. Shinhan and Solana also partnered in April to trial stablecoin payment systems.

The latest Visa partnership signals growing interest among South Korean banks in stablecoin settlement, tokenized assets and blockchain-based payment infrastructure as the country prepares for a more regulated digital asset market.