SBI XDC Network APAC (@sbixdc) and SBI VC Trade (@sbivc_official), the group's licensed crypto exchange, have signed a non-binding memorandum of understanding (MOU) with Shinhan Card. The thr
SBI XDC Network APAC (@sbixdc) and SBI VC Trade (@sbivc_official), the group's licensed crypto exchange, have signed a non-binding memorandum of understanding (MOU) with Shinhan Card. The three companies will look at stablecoins for cross-border payments and explore linking a Japanese yen stablecoin to in-store payments, with test runs planned to check commercial viability.
The agreement is described as a phased collaboration across payment services, settlement solutions and blockchain infrastructure. Under the MOU, the three companies will progressively advance collaboration across payment services, settlement solutions, and blockchain infrastructure, according to FX News Group. The parties will explore the potential integration of digital assets, including a JPY-denominated stablecoin, with in-store payment services, and run proof-of-concept initiatives to assess commercial viability.
Shinhan Card is the card arm of Shinhan Financial Group. In its filings, Shinhan Financial Group reported the card company had about 20.42 million personal credit card holders as of December 31, 2025. That is consistent with the roughly 20 million card members cited in the announcement.
Reports on the agreement say the pilots could cover several use cases. According to Crypto Economy, the agreement was signed in Tokyo on October 20 and announced the following day, with proof-of-concept work covering card payments, wallet-to-wallet transfers and cross-border trade settlement.Bitbase reports the project is at the proof-of-concept stage, with no commercial launch date announced.
Beyond payments, the deal touches the blockchain itself. SBI XDC Network APAC and Shinhan Card will work together to support the growth of the infrastructure and ecosystem of the XDC Network, and jointly explore digital asset-based payment services.@XDCNetwork is the chain behind $XDC. Bitbase adds that the partners will also consider participating in the XDC Network node ecosystem. All three companies also plan to expand into cross-border trade settlement.
The timing fits a broader pattern at Shinhan. ChainCatcher reports the card company will link this project to Shinhan Financial's wider digital asset strategy, which includes an August agreement with Visa to explore stablecoin issuance, transfers and card settlements. On the Japanese side, SBI VC Trade became Japan's first registered e-money provider in March 2025, according to a report citing Odaily.
Because the MOU is non-binding and no stablecoin type or launch timeline has been confirmed, the practical impact on $XDC and on cross-border payments between the two countries will depend on how the trials perform.
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