Shinhan Card has validated the potential of next-generation payment systems by integrating stablecoins and blockchain technology into its existing infrastructure.
The company announced on April 9 that it successfully completed a proof of concept (PoC) covering six core technology areas aimed at preparing for a stablecoin-based payment environment. The initiative focused on combining blockchain technology with traditional card payment systems to deliver new payment experiences and assess scalability toward Web3 financial services such as global settlements and cross-border remittances.
For the project, Shinhan Card collaborated with domestic technology firms including Aton and BlockOdyssey, as well as global partners such as Solana, Fireblocks, Visa, and Mastercard.
The PoC covered six key areas: blockchain-based peer-to-peer (P2P) payments, digital asset payment infrastructure, stablecoin-based debit and credit hybrid products, overseas remittance and settlement, integrated payment and settlement networks, and IC chip-based hardware wallet card payments.
In the P2P payments segment, Shinhan Card worked with Aton to issue test tokens on a global blockchain network and convert its “My Shinhan Point” rewards into tokenized assets. The company also tested wallet-to-wallet (W2W) payment scenarios between customers and merchants using stablecoins, as well as payment settlement use cases.
For digital asset payment infrastructure, Shinhan Card partnered with BlockOdyssey to test payment systems utilizing external wallets such as MetaMask and Phantom. The trials included processing transaction fees and payments across multiple blockchain wallets.
The company also advanced hybrid payment models through global partnerships. In collaboration with Fireblocks and Mastercard, Shinhan Card tested a digital asset wallet-based hybrid card model, where stablecoins are immediately deducted for debit transactions, while credit transactions are supported by stablecoin collateral. Additionally, the company worked with Visa to validate stablecoin-based cross-border remittance and settlement processes.
Using the Solana network, Shinhan Card designed and tested a “programmable money” payment model leveraging smart contracts and digital assets, enabling transactions to be automatically executed when predefined conditions are met.
The company also developed a payment solution combining hardware wallets with IC cards in collaboration with firms such as iTrust. Hardware wallets store assets offline, enhancing security and reducing the risk of hacking.
A Shinhan Card official said the PoC confirmed the company’s ability to bridge traditional fiat-based payment systems with the emerging digital asset ecosystem, laying the groundwork for future financial innovation.
