Shinhan Financial and Visa sign an MoU to test stablecoin issuance in South Korea

Shinhan Financial Group and Visa will use Visa's stablecoin platform to verify issuance, remittance and redemption, ahead of South Korean legislation expected later in 2026. What changed The two signed a strategic memorandum of understanding on 24 August 2026 in Seoul covering digital assets, AI-based payments and B2B transactions. The first stage is verification of core stablecoin functions - issuance, remittance and redemption - on Visa's platform, after which the parties intend to design a business model fitted to the South Korean market. Later phases are described as covering credit card payment settlement, a next-generation AI-based payment model, and expansion into B2B and B2C payment operations. Shinhan intends to draw on its banking and card units and Jeju Bank. South Korea's National Assembly is due to begin full discussion of stablecoin regulation in the second half of 2026.