South Korea's New Han Card Company is planning to test a stablecoin real-time payment on the Solana blockchain.

April 30 — Shinhan Card, one of South Korea’s top credit card firms, said it has inked a partnership with the Solana Foundation to co-build a stablecoin payment system on the Solana blockchain. As part of the tie-up, Shinhan Card is running an advanced proof-of-concept (PoC) this year, focusing on simulating real-world payment scenarios between customers and merchants on Solana’s testnet. Shinhan Card Executive Vice President Kim Young-il noted: “We plan to thoroughly assess blockchain’s practicality using Solana and actively explore next-generation financial models.” A core focus of the PoC is validating the security and stability of non-custodial wallets, which will enable Shinhan Card to scale the technology widely later. The pair will also explore a “hybrid financial model” blending traditional finance’s reliability with DeFi’s efficiency. Shinhan Card aims to use oracle technology to build its own DeFi service environment and deploy smart contracts while ensuring operational stability. Shinhan Card will evaluate the projects’ outcomes alongside evolving regulatory frameworks in South Korea and the Asia-Pacific. Notably, South Korean lawmakers are drafting the “Basic Law on Digital Assets,” expected to be finalized this year. Anticipating the legislation, several local financial institutions — including KBank — have recently partnered with global blockchain and crypto firms.