Shinhan Bank Completes Stablecoin Medical Expense Settlement Pilot with KSNET

On October 21, according to Yonhap News Agency, Shinhan Bank, in collaboration with Korean payment service provider KSNET, has completed a pilot verifying stablecoin payments for medical expenses by foreign patients and KRW settlement by Korean medical institutions. This demonstration was announced on October 21 and conducted as a limited pilot at a medical facility in Seoul, utilizing an overseas stablecoin simplified payment service.

In the workflow, after foreign patients pay medical expenses using stablecoins, regulated overseas entities convert them into fiat currency and transfer the funds to South Korea. KSNET then settles the payment with the medical institution in KRW. Throughout this process, Shinhan Bank verified the feasibility of integrating the necessary financial infrastructure for domestic fund receipt and KRW settlement in South Korea.