Shinhan Card Succeeds in Real-World Stablecoin Payment PoC Using Solana Network... Accelerating Global Financial Innovation

On April 9, 2026, Shinhan Card, South Korea's largest card issuer, signaled a significant shift in retail finance by completing a Proof of Concept (PoC) for real-world stablecoin payments using the Solana network. This initiative integrates a high-speed blockchain settlement system into existing card infrastructure, marking a major milestone in the convergence of decentralized finance and consumer credit in South Korea, one of the world's most digitalized economies.

Through this PoC, Shinhan Card successfully verified six core technical challenges in combining stablecoin and blockchain technology with existing card payment systems. The primary objective of the project is to test real-life payment systems and provide new payment experiences, thereby promoting the expansion of Web 3.0-based financial services. This verification is particularly significant as it goes beyond simple technical testing to confirm applicability in actual commercial environments.

The core of this technical verification lies in providing new payment experiences by combining stablecoins and blockchain with existing card payment systems, and exploring the expansion potential of Web 3.0-based financial services such as global settlement and cross-border payments.

Technically, Shinhan Card adopted a "hybrid card model" that connects digital assets with existing card systems. The Solana network enables near real-time settlement based on its high throughput, which serves as a foundation for supporting efficient global payments and cross-border transfers without going through the traditional correspondent banking system. This structure is expected to increase payment speed while simultaneously reducing fee costs.

Global Fintech Alliance and Technical Partnerships

This project is the result of large-scale collaboration involving leading domestic and international technology companies. Shinhan Card established strategic partnerships with global Web 3.0 specialists such as the Solana Foundation and Fireblocks, as well as global payment networks like Visa and Mastercard. Domestically, Aton and BlockOdyssey participated to support the implementation of blockchain technology optimized for the Korean market.

• Solana Foundation: Providing high-performance blockchain network and settlement layer
• Fireblocks: Supporting digital asset custody and security technology
• Visa and Mastercard: Global payment network integration and strategic cooperation
• Aton and BlockOdyssey: Domestic blockchain technology implementation and system construction

The South Korean government's regulatory roadmap also serves as an important background for this pilot project. The Financial Services Commission (FSC) plans to complete the second phase of digital asset legislation by the first quarter of 2026 to establish a formal regulatory framework for stablecoins. This institutional refinement is creating an environment where private companies can more stably launch blockchain-based financial services, and Shinhan Card's verification is interpreted as a proactive response to these regulatory changes.

However, the government is placing a higher priority on bank "deposit tokens" rather than private stablecoins. An example is the pilot operation of deposit tokens for government project payments scheduled to begin in Sejong City in the fourth quarter of 2026. Hyun Song Shin, Economic Adviser at the Bank for International Settlements (BIS), emphasized the importance of deposit tokens and CBDCs, noting that trust in currency is paramount and that privately issued virtual assets have fundamental limitations in replacing fiat currency.

Global Market Trend of Solana Adoption

There is also a strong movement in the global market to utilize Solana as a settlement network. Western Union is scheduled to launch "Stable Card," a Solana-based stablecoin payment service, in May 2026. Coupled with Shinhan Card's move, this suggests that Solana is positioning itself as a core infrastructure accelerating stablecoin adoption in the traditional credit card industry. Solana's on-chain settlement method provides efficiency by bypassing the complex steps of existing financial systems.

In conclusion, the success of Shinhan Card's PoC demonstrates that blockchain integration is becoming a reality in the Korean retail finance market. As Sejong City's deposit token pilot project and Shinhan Card's commercialization efforts proceed in parallel, the digital payment landscape in South Korea is expected to be more clearly reshaped by the end of 2026. Consumers will soon enter an era where they can easily pay with stablecoins anywhere in the world, just as they use traditional credit cards.

Based on the results of this verification, Shinhan Card plans to continue additional security and stability tests for the launch of actual commercial services. In particular, the long-term goal is to establish an environment where Korean travelers can pay with digital assets abroad without currency exchange through linkage with global payment networks. This is expected to serve as an opportunity to raise the digital competitiveness of the Korean financial industry to the next level.