Add as a preferred source on GoogleSBI VC Trade, Shinhan Card Plan Yen Stablecoin Payment Tests
The agreement also covers XDC Network infrastructure and a review of cross-border trade settlement. No payment service launch date was announced.
SBI VC Trade, SBI XDC Network APAC and South Korea’s Shinhan Card signed an agreement at an Oct. 20 ceremony in Tokyo to explore yen stablecoin payments at physical stores.
The companies announced the agreement Oct. 21. They plan proof-of-concept trials to assess whether yen stablecoins and other digital assets could support in-person payment services and viable business models. The agreement does not launch a payment service.
Under the same agreement, SBI XDC Network APAC and Shinhan Card will cooperate on XDC Network infrastructure and its ecosystem. The companies also plan to examine cross-border trade settlement.
SBI VC Trade is a crypto exchange within SBI Group, while SBI XDC Network APAC is a joint venture of SBI Holdings. Shinhan Card, a South Korean credit card company, announced separate research into stablecoin payment technology and Web3 services in April.
The planned trials are the next step in assessing whether the store-payment model can be commercialized. The companies have not announced a launch date for a commercial service.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.