Shinhan Card Signs Solana Foundation MOU to Expand Stablecoin, Web3 Payments

Shinhan Card said April 30 that it signed a strategic memorandum of understanding with the Solana Foundation to expand the stablecoin and Web3 payments ecosystem.

The agreement formalizes payment innovation discussions the two sides held last year. It centers on broadening real-world applications based on an existing proof of concept, or PoC.

The companies plan to test a range of payment scenarios this year through an upgraded PoC. Using the Solana testnet, they will simulate payment flows between customers and merchants and assess network stability and ease of use in real-world settings.

They will also conduct technical verification of a non-custodial wallet. Because the structure gives users direct control over their assets, the review will focus on security and operational stability to assess whether the service can be deployed in practice.

The two sides also plan to develop a hybrid finance model combining traditional finance and decentralized finance. Shinhan Card will use oracle technology to build a DeFi environment linking real-world transaction data to the blockchain, while checking the stability of smart contract execution and the system's operating framework.

A Shinhan Card official said the agreement will help the company closely examine how blockchain technology can be applied in practice and take the lead in exploring next-generation financial models. By combining Solana's infrastructure with Shinhan Card's expertise, the company aims to offer a safe and convenient payment environment when related regulations are put in place.

A Solana Foundation official said the partnership will combine the trust of traditional finance with the efficiency of DeFi to address limitations in existing financial services. The foundation will work with Shinhan Card to improve technical readiness while prioritizing regulatory compliance and customer protection.