[Exclusive] Shinhan Card to Open Era of Solana Stablecoin Payments for 28 Million Members

Shinhan Card, South Korea's largest card issuer, has successfully completed a technical proof of concept (PoC) project with the Solana blockchain to introduce a stablecoin payment system for its 28 million members. According to industry sources on April 30, 2026, the project aims to serve as a bridge between existing fiat-based payment networks and the digital asset ecosystem, marking a significant milestone in expanding into real-life retail payment services.

Shinhan Card collaborated with the Solana Foundation to review the technical feasibility of a physical payment system using stablecoins. This project went beyond simple experimentation, focusing on confirming whether blockchain technology can operate seamlessly in a real-world retail finance environment based on high processing speeds and stability.

Through this technical verification, we have firmly confirmed our role as a bridge between the existing fiat-based payment system and the digital asset ecosystem. In the future, we will discover various business models to strengthen our competitiveness in the next-generation financial market.

Leading domestic and international companies participated in this technical verification process to build an integrated digital asset infrastructure. Global payment networks Visa and Mastercard, along with Fireblocks, a specialist in virtual asset custody security, contributed to enhancing the technical completeness.

Global Partnerships and Technical Infrastructure

Shinhan Card examined blockchain-based peer-to-peer (P2P) payments and integrated payment infrastructure through a total of six detailed projects. In particular, it combined domestic and international technical expertise by applying security and transmission solutions optimized for the Korean market in cooperation with domestic technology partners Aton and BlockOdyssey.

• Verification of high-speed payment processing technology based on the Solana blockchain
• Strengthening digital asset custody and security systems through Fireblocks
• Interoperability testing with Visa and Mastercard networks
• Optimization of the domestic payment environment with Aton and BlockOdyssey

One of the key achievements of this project was proving the validity of the 'Hybrid Card' model. This model is designed to maximize user convenience by allowing users to freely choose between traditional KRW-based payments and stablecoin-based digital payments depending on the situation. Shinhan Card plans to use this to encourage general users who are unfamiliar with digital assets to encounter new technologies without resistance.

Shinhan Card plans to integrate this new payment function through its digital platform, 'Shinhan SOL Pay.' By enabling its vast membership of 28 million to use blockchain-based services within the existing app without separate complex procedures, the foundation for the popularization of stablecoin payments has been laid.

Regulatory Environment and Future Outlook

The South Korean government's moves to refine regulations are also supporting Shinhan Card's business push. Through the '2026 Economic Growth Strategy' announced on April 5, 2026, the Financial Services Commission (FSC) signaled the inclusion of digital assets into the institutional system by formalizing the preparation of a stablecoin regulatory framework and the review of digital asset ETF introductions.

Discussions on the Digital Asset Basic Act (DABA) are currently underway in the National Assembly, and it was tabled as an agenda item for the Political Affairs Committee's bill examination subcommittee on April 27. However, substantial negotiations are expected to resume only after the local elections scheduled for June 3, 2026, so the actual service launch timing will be adjusted according to the legislative passage schedule.

Shinhan Card's move is evaluated as presenting a new growth engine for the card industry, which is struggling with deteriorating profitability. While competitors maintain a cautious attitude toward blockchain adoption, Shinhan Card has clarified its strategy to preoccupy the leadership of the next-generation financial market through preemptive technology acquisition.

Although technical verification is complete, the full-scale service launch for the general public is expected to take place after the second half of 2026, when regulatory guidelines are finalized. As soon as legal stability is secured, Shinhan Card plans to accelerate commercialization by installing the stablecoin payment service as a core feature of 'Shinhan SOL Pay.'