Two subsidiaries of SBI sign memorandum of understanding with South Korea's Shinhan Card to explore stablecoin cross-border payments and settlements

On October 21, SBI XDC Network APAC, a joint venture under SBI Holdings, and its cryptocurrency trading subsidiary SBI VC Trade, have signed a memorandum of understanding (MOU) with South Korean credit card institution Shinhan Card to collaborate on building a blockchain-based global payment and settlement ecosystem. The three parties will jointly advance the integration of payment services and underlying infrastructure, support the expansion of the XDC Network ecosystem, and focus on exploring the feasibility of stablecoin applications in cross-border payments, international trade settlements, and in-store purchases (including JPY-denominated stablecoins). Through proof-of-concept testing of technologies and operational workflows, they aim to connect traditional financial networks with digital asset infrastructure, thereby enhancing cross-border clearing and settlement efficiency.