South Korean card issuer Shinhan Card and subsidiaries of Tokyo-based SBI Holdings are exploring yen-backed stablecoin payments that could allow Japanese visitors in South Korea to transact using digital yen linked to payment cards. The collaboration involves Shinhan Card, a unit of Shinhan Financial Group, cryptocurrency exchange SBI VC Trade, and trade finance blockchain firm SBI XDC Network APAC. The companies will also study wallet-to-wallet transfers and the use of stablecoins to settle cross-border trade payments between Japan and South Korea. Their work includes developing systems to detect suspicious transactions and comply with anti-money laundering regulations. The project remains at an early stage, with no named stablecoin or timeline set for trials or commercial launch. SBI already distributes JPYSC, a yen-backed stablecoin issued by SBI Shinsei Trust Bank and introduced with Startale Group in June. The token had approximately 20.1 billion yen ($127 million) in circulation as of September 7, according to SBI VC Trade.