Shinhan Card Completes Stablecoin Payment Trial, Validates Hybrid Card Model

Shinhan Card has completed a proof of concept for next-generation payment technology using stablecoins and blockchain.

The company completed proof-of-concept tests for six core projects, including a stablecoin-based payment system, according to a July 9 report by Herald Business.

The tests focused on applying blockchain technology to the existing card payment structure to create new payment methods. Shinhan Card said the project confirmed the potential to expand Web3-based financial services, including global settlement and cross-border remittances.

Shinhan Card conducted the technology tests with South Korean companies including Aton and BlockOdyssey, while also working with global firms including Solana, Fireblocks, Visa and Mastercard.

The six projects included blockchain-based peer-to-peer payments, integrated payment infrastructure for digital assets, a stablecoin-based hybrid debit and credit card, cross-border remittances and settlement, payment networks, and card technology linked to hard wallets.

The company also validated a hybrid card model in which stablecoins are deducted immediately for debit payments, while credit transactions are backed by a spending limit secured with digital assets.

In collaboration with Visa, Shinhan Card also tested a stablecoin-based structure for cross-border remittances and settlement. It also designed an automated payment model using Solana-based smart contracts.

A Shinhan Card official said the company had verified a structure linking existing payment systems with the digital-asset ecosystem. It plans to expand payment models that could be used in next-generation financial environments, including won-based stablecoins.