Shinhan Card, South Korea's largest credit card issuer, has signed a memorandum of understanding with the Solana Foundation to develop stablecoin payment systems on the Solana blockchain. The partnership aims to bring stablecoin payments to Shinhan Card's 28 million cardholders, marking a significant step toward mainstream blockchain adoption in Asia.
The initiative builds on a preliminary proof-of-concept completed in 2025. The two companies will now conduct an advanced PoC on the Solana testnet, focusing on real-world payment scenarios between customers and merchants. Key testing areas include transaction speed, network reliability, scalability under varying demand, and the operational stability of non-custodial wallets, where users retain full control of their assets without relying on third-party intermediaries.
Beyond basic payments, Shinhan Card plans to develop a hybrid finance model that combines traditional finance infrastructure with decentralized finance tools. The company will integrate oracle technology to securely connect real-world transaction data with blockchain networks, enabling smart contracts to execute based on actual financial activity. Additionally, Shinhan Card will build its own DeFi service environment and establish a monitoring framework to ensure governance and compliance.
Speaking on the partnership, a Shinhan Card official stated that the collaboration would 'validate the practical applicability of blockchain technologies' and help deliver 'secure and convenient payment services' once regulatory conditions are in place. A Solana Foundation official added that the partnership would 'overcome the limitations of existing financial services by combining the reliability of traditional finance with the efficiency of DeFi.'
The project aligns with South Korea's evolving regulatory environment. Authorities are preparing the Digital Asset Basic Act to regulate the broader digital asset market, and Shinhan Card will ensure its stablecoin initiatives comply with upcoming legal frameworks. This partnership underscores growing collaboration between traditional financial institutions and blockchain firms in Asia, positioning Solana as a key infrastructure provider for regulated stablecoin payments in one of the world's most advanced digital economies.
