Shinhan Card has partnered with the Solana Foundation to develop and test stablecoin-based payment systems on blockchain infrastructure.
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- Shinhan Card has partnered with the Solana Foundation to test stablecoin payments using real-world merchant and customer scenarios on a network testnet.
- The company is evaluating non-custodial wallet security and building DeFi-based systems using oracle data to support scalable blockchain payments.
According to A press release From Shinhan Card, the company began an advanced proof of concept this year to simulate real-world payment interactions between customers and merchants using the Solana testnet. The experiment focuses on how stablecoin transactions work in everyday retail settings while evaluating the system’s performance under practical conditions.
“Based on Solana, we plan to closely examine the practical applicability of blockchain technology and proactively explore next-generation financial models,” said Kim Young-il, Executive Vice President of Shinhan Card, explaining the company’s plan to evaluate how well distributed ledger systems can support future payment frameworks.
A central part of the testing involves verifying the security and stability of non-custodial wallets, which Shinhan Card is evaluating as a requirement for scaling blockchain-based payments across its network.
The company stated in its statement that it is also exploring hybrid financing structures that combine elements of traditional financial systems and decentralized finance protocols.
Shinhan Card said it plans to develop its DeFi service environment using oracle technology to connect real-world transaction data to blockchain systems. The company indicated that this setup will support the implementation of smart contracts while maintaining operational stability through monitoring and governance mechanisms.
The company will evaluate the results of the pilot in line with regulatory developments in South Korea and the Asia-Pacific region. South Korean lawmakers are Currently working on the Basic Law for Digital Assets, a comprehensive regulatory framework expected to be finalized within the year.
Activity had increased throughout the country’s financial sector before the legislation was passed. At KBank, which cooperates with cryptocurrency exchange Upbit, Announce He collaborated with Ripple to test blockchain-based cross-border money transfers, according to previous disclosures.
Government-led blockchain experiments have also expanded to include public finance. The Ministry of Economy and Finance has selected a pilot regulatory project that uses token deposits to manage government spending, and is scheduled to be rolled out in the last quarter of 2026.
According to the ministry, the system will first be deployed in Sejong City, where blockchain-based deposits will replace government-issued cards to cover official expenses. The framework allows authorities to pre-define spending terms such as time limits and usage categories, improving oversight compared to post-transaction reporting.
Ministry certain Nine banks, including Shinhan, are participating in the initiative to issue and manage token deposits, linking the government’s digital budget and accounting system to blockchain records.
Officials said the experiment is expected to reduce misuse of funds and shorten settlement times while maintaining stability by keeping deposits within the traditional banking system.
