South Korea’s financial sector is moving quickly to embrace blockchain innovation, and Shinhan Card is the latest major player to step in. The credit card giant has announced a strategic partnership with the Solana Foundation to develop stablecoin-powered payment systems on the Solana network.
The collaboration signals a growing shift among traditional financial institutions toward integrating decentralized technologies into everyday payment experiences.
BREAKING: South Korea’s #1 card issuer Shinhan Card is bringing stablecoin payments to its 28 million cardholders on Solana 🇰🇷🔥 pic.twitter.com/2hxlyHuKhi
— Solana (@solana) April 30, 2026
Real-World payments take centre stage
As part of the agreement, Shinhan Card will launch an advanced proof-of-concept (PoC) program this year, focusing on real-world payment scenarios between consumers and merchants. The testing will take place on Solana’s testnet, allowing the company to experiment without exposing live financial systems to risk.
According to the firm, a key objective is to assess how stablecoin payments can function in practical settings, particularly in terms of speed, cost efficiency, and user experience. Shinhan is also evaluating the performance of non-custodial wallets, aiming to ensure they meet the security and reliability standards required for large-scale deployment.
Kim Young-il, executive vice president of Shinhan Card, said the initiative will help the company explore “next-generation financial models” while closely examining the real-world applicability of blockchain technology.
Bridging traditional finance and DeFi
Beyond payments, the partnership will explore hybrid financial models that combine the stability of traditional finance with the flexibility of decentralized finance (DeFi). Shinhan Card plans to build its own DeFi service infrastructure, leveraging oracle technology to connect real-world transaction data with blockchain systems.
This approach could enable smart contract-based financial services while maintaining operational oversight through monitoring and governance frameworks, an essential factor for regulated institutions.
The move comes as South Korea prepares to finalize its Digital Asset Basic Act, a comprehensive regulatory framework expected later this year. Anticipating clearer rules, financial institutions across the country are increasingly partnering with blockchain firms to position themselves early in the evolving market.
Just like the Shinhan Card’s initiative, KBank, a partner of Upbit, has already teamed up with Ripple to test blockchain-based cross-border remittances.
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