Solana joins South Korea’s Shinhan Card to test stablecoin payments
Shinhan Card has entered a partnership with the Solana Foundation to develop and test stablecoin-based payment systems on blockchain infrastructure.Shinhan Card has partnered with Solana Foundation to test stablecoin payments using real-world merchant and customer scenarios on the networks testnet.The company is evaluating non-custodial wallet security and building DeFi-based systems with oracle data to support scalable blockchain payments. According to a press release from Shinhan Card, the company has begun an advanced proof-of-concept this year to simulate real-world payment interactions between customers and merchants using Solanas testnet. The trial focuses on how stablecoin transactions can function in everyday retail settings while assessing system performance under practical conditions. “Building on Solana, we plan to closely examine the practical applicability of blockchain technology and proactively explore next-generation financial models,” said Kim Young-il, executive vice president of Shinhan Card, outlining the companys plan to assess how distributed ledger systems can support future payment frameworks. A central part of the test involves verifying the security and stability of non-custodial wallets, which Shinhan Card is assessing as a requirement for scaling blockchain-based payments across its network. The company stated in its release that it is also exploring hybrid finance structures that combine elements of traditional financial systems with decentralized