Japanese visitors may be able to pay with yen stablecoins in South Korea under Shinhan-SBI pact
Source: CoinDesk ·
From the source
The collaboration will explore card-linked merchant payments for Japanese visitors in South Korea and peer-to-peer wallet transfers among broader cross-border trade remittances. Japanese visitors to South Korea might one day be able to transact using yen stablecoins linked to payment cards following experiments conducted by South Korean card issuer Shinhan Card and subsidiaries of the Tokyo-based financial services company SBI Holdings. Shinhan Card, a unit of Shinhan Financial, is working with cryptocurrency exchange SBI VC Trade and trade finance blockchain company SBI XDC Network APAC to explore yen-backed stablecoin payments between the two countries , SBI Holdings said. The companies will also study wallet-to-wallet transfers and the use of stablecoins to settle cross-border trade payments. Their work will include systems to detect suspicious transactions and meet anti-money laundering rules. The process remains at an early stage. The firms have not named the stablecoin they…