South Korea’s Shinhan Card has signed a memorandum of understanding with the Solana Foundation to expand stablecoin payment testing and explore non-custodial wallet solutions.
The partnership follows an earlier pilot and will now move into a more advanced proof of concept to assess the commercial viability of stablecoin payments for merchants and consumers.
The initiative will also explore a hybrid financial model combining traditional finance and decentralised finance infrastructure, including smart contract-based services.
Shinhan Card, the country’s second-largest credit card issuer with a 16.9% market share, is aiming to improve payment efficiency and user experience through blockchain integration.
The company confirmed it will test smart contract execution stability and oracle-based systems to connect onchain and offchain data in potential DeFi-linked services.
Earlier trials covered use cases such as peer-to-peer payments, cross-border remittances, and stablecoin-linked card payment systems, positioning the project as a bridge between fiat and digital assets.
The move aligns with broader industry trends, with firms like Visa and Mastercard also advancing stablecoin settlement solutions on blockchain networks.
At the time of reporting, Solana price was $83.35.