South Korea's Shinhan Card plans to test real-time stablecoin payments on the Solana blockchain

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BlockBeats message, April 30 — Shinhan Card, one of South Korea’s largest credit card companies, announced that it has signed a cooperation agreement with the Solana Foundation to jointly build a stablecoin payment system on the Solana blockchain.

As part of the cooperation, Shinhan Card is conducting an advanced proof of concept this year, focusing on simulating real-world payment scenarios between customers and merchants on the Solana testnet. Kim Young-il, Executive Vice President of Shinhan Card, said: “Based on Solana, we plan to carefully examine the practical applicability of blockchain technology and actively explore next-generation financial models.”

One of the core elements of this proof of concept is to verify the security and stability of non-custodial wallets, so that Shinhan Card can deploy this technology at scale in the future. The two parties will also explore a “hybrid financial model” that combines the reliability of traditional finance with DeFi efficiency. Shinhan Card plans to use oracle technology to build its own DeFi service environment, and deploy smart contracts on the premise of ensuring operational stability.

Shinhan Card will assess the results of these projects in conjunction with the continually evolving regulatory environment in South Korea and across the Asia-Pacific region. Notably, South Korean lawmakers are currently drafting the “Digital Asset Framework Act,” which is expected to be finalized within this year. In anticipation of the legislation, several Korean financial institutions, including KBank, have recently entered into collaborations with global blockchain and crypto companies.

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