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Solana Partners With South Korean Card Giant For Stablecoin Payments Push

Solana Foundation and South Korea's Shinhan Card have signed an MoU to test stablecoin payments on blockchain rails, targeting the card issuer's 28 million cardholders.

@solana's Foundation has signed a memorandum of understanding with South Korea's Shinhan Card to develop and test stablecoin-based payment infrastructure, in one of the most significant moves yet to bring blockchain payments into mainstream consumer finance in Asia.

Shinhan Card, the country's largest credit card issuer with over 28 million cardholders, formalized the agreement on April 30 at its Seoul headquarters. The deal positions $SOL's underlying network as the blockchain rail of choice for a real-world stablecoin payments pilot targeting both merchant and consumer transactions.

What the Partnership Actually Involves

The MoU is not a fresh start. According to Crypto Times, the agreement formalizes a collaboration that had already completed a comprehensive six-project proof of concept, covering blockchain-based peer-to-peer payments, stablecoin cross-border remittance and settlement, hybrid check-and-credit card structures, and IC chip-based hardware wallet payment services. Partners in the earlier PoC included Fireblocks, Mastercard, and Visa.

The next phase will be an advanced proof of concept run on Solana's testnet during 2026. Crypto News reports that Shinhan Card will simulate real-world payment flows between customers and merchants, while evaluating transaction speed, network reliability, and scalability. The company also plans to verify the security of non-custodial wallet solutions, where users retain direct control of their assets, and to build a hybrid finance model that links traditional banking infrastructure to DeFi through oracle technology.

Kim Young-il, Executive Vice President of Shinhan Card, said the company plans to "closely examine the practical applicability of blockchain technology and proactively explore next-generation financial models" by building on Solana. A Solana Foundation official added that the partnership aims to combine the reliability of traditional finance with the efficiency of DeFi, while keeping regulatory compliance and customer protection front and centre.

A Broader Push Into Korean Institutional Finance

The deal reflects a wider shift in how established financial players in Asia are approaching blockchain infrastructure. The Korea Herald reported that Shinhan Card intends to deliver secure and convenient payment services once the relevant regulatory conditions are in place — an acknowledgement of South Korea's evolving digital asset framework, including the forthcoming Digital Asset Basic Act.

The Shinhan tie-up is also the second notable Korean institutional partnership for the Solana Foundation within the space of a week. On April 27, K Wave Media announced advanced discussions with securities firms and Solana to build a platform for tokenizing Korean entertainment IP, including films and K-pop content.

Separately, South Korea's Credit Finance Association has been running a broader industry task force since early 2025, involving nine major card companies — including Samsung, KB Kookmin, Hyundai, Lotte, and Hana Card — examining stablecoin payment processes across the full card transaction and merchant settlement cycle. Shinhan's direct MoU with the Solana Foundation places it ahead of peers in turning that industry-wide exploration into concrete technical action.

Sources
Crypto Times – Shinhan Card and Solana Foundation Sign MoU to Build Web3 Payment Stack
Crypto News – Solana Joins South Korea's Shinhan Card to Test Stablecoin Payments
The Korea Herald – Shinhan Card, Solana Team Up on Stablecoin Tech and Online Payments

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Author

Soumen Datta

Soumen has been a crypto researcher since 2020 and holds a master’s in Physics. His writing and research has been published by publications such as CryptoSlate and DailyCoin, as well as BSCN. His areas of focus include Bitcoin, DeFi, and high-potential altcoins like Ethereum, Solana, XRP, and Chainlink. He combines analytical depth with journalistic clarity to deliver insights for both newcomers and seasoned crypto readers.