South Korea’s Shinhan Card is deepening its blockchain bet, formalizing a partnership with the Solana Foundation to develop next-generation stablecoin payment systems.
Shinhan Card announced Thursday it had signed a memorandum of understanding with the Solana Foundation to collaborate on stablecoin payment technologies and expand its high-tech payment ecosystem.
The deal formalizes payment innovation discussions the two sides held last year, and centers on broadening real-world applications based on an existing proof of concept (PoC).
The companies plan to test a range of payment scenarios this year through an upgraded PoC.
What the Partnership Involves
The collaboration covers three technical workstreams.
First, using the Solana testnet, the companies will develop payment scenarios between customers and merchants while assessing the technical stability of the blockchain network.
Second, they will verify the stability of non-custodial online wallets structures in which users retain full control over their assets without relying on third-party institutions.
Shinhan Card wants to confirm both the security and the operational reliability of these wallets before any public rollout.
Third, both parties plan to develop a hybrid finance model combining traditional finance infrastructure with the efficiency of decentralized finance (DeFi).
Shinhan Card will use oracle technology which bridges real-world transaction data with the blockchain to build its own DeFi service environment, assess smart contract execution stability, and establish system monitoring frameworks.
What Both Sides Are Saying
A Shinhan Card representative said the agreement will allow the company to rigorously verify the practical applicability of blockchain technology and proactively explore next-generation financial models, with the goal of delivering a safe and convenient payment environment once relevant regulations are in place.
A Solana Foundation official framed the partnership as an effort to address the limitations of existing financial services by combining the trust of traditional finance with the efficiency of DeFi, while prioritizing regulatory compliance and customer protection.
Built on Earlier Groundwork
This MOU doesn’t come out of nowhere.
Shinhan Card has already completed a proof-of-concept for next-generation payment technology using stablecoins and blockchain, covering six core projects including a stablecoin-based payment system, cross-border remittances, and programmable money models using smart contracts on Solana.
Those tests were conducted alongside domestic blockchain firms Aton and Block Odyssey, as well as global partners including Solana, Fireblocks, Visa, and Mastercard.
The new MOU essentially advances that exploratory work toward commercial testing.
The Bigger Picture
The deal reflects a broader wave of traditional financial institutions moving from stablecoin research into active infrastructure development.
Meta has recently rolled out stablecoin payouts for select creators using USDC on Solana and Polygon, while Shopify has begun allowing merchants to accept USDC payments and Western Union has announced plans to offer a stablecoin on Solana.
For South Korea specifically, the timing is significant.
Regulatory frameworks for stablecoins remain in flux globally, and Shinhan Card has indicated it will move toward commercial deployment only once related regulations are in place.
