Shinhan Card to Pilot Stablecoin Payments on Solana Testnet

Shinhan Card will pilot real-world stablecoin payments on Solana's testnet after signing a partnership with the Solana Foundation. The advanced proof of concept is scheduled for this year and will test transactions between customers and merchants in South Korea.

The PoC aims to validate the technical and operational elements needed to scale stablecoin payments on the Solana blockchain. Key tests will cover transaction processing, settlement flows and system interoperability.

A core objective is to assess the security and stability of non-custodial wallets so Shinhan can determine whether the technology can be deployed at commercial scale while protecting user assets and transaction integrity.

The collaboration will explore hybrid finance models that pair traditional banking systems with decentralized finance features. Shinhan plans to build DeFi service environments that use oracle technology to bring real-world transaction data onto the blockchain, enabling smart contracts to execute based on verified off-chain information.

Shinhan said it will pair those technical capabilities with monitoring and governance frameworks designed to support operational stability and risk controls.

The company will evaluate pilot results against South Korea's evolving regulatory framework for digital assets. Lawmakers are developing the Digital Asset Basic Act, a set of rules for the sector that is expected to be finalized this year.

Other Korean financial firms are testing blockchain services. For example, KBank has partnered with Ripple to trial cross-border remittances.

Kim Young-il, executive vice president at Shinhan Card, commented: “Building on Solana, we plan to closely examine the practical applicability of blockchain technology and proactively explore next-generation financial models.”

Shinhan said the PoC will produce technical and regulatory data to inform product design, risk controls and compliance approaches for any potential production rollout.