Shinhan Card Partners with Solana to Advance Stablecoin Payment Integration

Shinhan Card has entered into a memorandum of understanding with the Solana Foundation to accelerate the development of stablecoin-based payment systems and non-custodial wallet services. This partnership follows a successful initial pilot completed in early April, signaling a strategic move to modernize retail merchant interactions. The company, which holds a 16.9% share of the South Korean credit card market, is now moving toward a more advanced proof of concept (PoC) to determine the commercial viability of these technologies for both merchants and consumers. The goal is to create a more seamless payment experience by leveraging high-throughput blockchain infrastructure. Technically, the collaboration focuses on creating a "hybrid financial model" that bridges traditional finance (TradFi) and decentralized finance (DeFi). Key technical explorations include the use of blockchain oracles to link off-chain and on-chain data, as well as testing the execution stability of smart contracts to reduce transaction intermediaries. A prior PoC conducted on April 9 tested six critical areas, including peer-to-peer payments, cross-border remittances, and the integration of stablecoins into hybrid check and credit products. The firm also explored IC chip-based card payment services specifically for crypto wallets. This move aligns Shinhan with global payment giants like Visa and Mastercard. Notably, Visa previously implemented USDC settlement services on the Solana blockchain in December 2025, highlighting a broader industry trend toward utilizing digital assets for institutional settlement and retail payments.