On April 30, 2026, Shinhan Card signed a memorandum of understanding (MOU) with the Solana Foundation to expand its stablecoin payment technology tests and explore the viability of decentralized finance (DeFi) services. The agreement aims to develop an advanced Proof of Concept (PoC) to enable retail merchants and end-users to process transactions through digital assets pegged to stable currencies, optimizing the current settlement infrastructure in the South Korean market.
This new phase of collaboration follows the completion of a joint pilot project that concluded on April 9, 2026. According to Newswire records, this initial stage validated the operational feasibility of six critical areas for the financial institution: blockchain-based peer-to-peer (P2P) payments, integrated payment infrastructure for digital assets, hybrid credit and check products based on stablecoins, cross-border remittances, payment settlement, and IC chip-based card services for crypto wallets.
The implementation of these functions on the Solana network is based on the need to reduce processing times and operational costs associated with traditional systems. Shinhan Card has indicated that the success of these preliminary tests serves as a blueprint for bridging the existing fiat system with the digital asset ecosystem, aiming to strengthen its competitive position in next-generation financial markets.
The financial institution’s technological initiative coincides with a shift in the leadership of the local financial sector. Shinhan Card maintains a 16.9% market share, a figure that places it as the second-largest credit card issuer in South Korea. This positioning follows Samsung Card reaching a 17.02% market share in March 2026, displacing Shinhan from the top spot, as reported by KED Global.
Given this highly competitive landscape, the adoption of blockchain infrastructure seeks to differentiate the company’s service offering. The integration of the Solana network is not limited solely to value transfer but also includes the exploration of hybrid financial models. These models aim to combine the stability of traditional finance (TradFi) with the programmability and efficiency of decentralized finance (DeFi), utilizing smart contracts to automate processes that currently rely on manual intermediaries.
Development of smart contract and oracle-based services
The partnership will also focus on the execution stability of smart contracts and the use of blockchain oracles. These tools are essential for connecting real-world information (off-chain) with the on-chain environment, allowing payments to be executed automatically when specific conditions are met. Shinhan Card plans to research the creation of DeFi services linked to its own products, including the use of non-custodial wallets that provide customers with greater control over their digital assets without sacrificing institutional security.
This institutional commitment aligns with similar global movements within the Solana ecosystem. For instance, the network has seen an increase in its technical validation through the creation of entities like the Solana Research Institute in Switzerland, whose objective is specifically to foster adoption by large financial corporations.
Sector perspective and next steps
Shinhan Card’s interest in stablecoins is not an isolated case in the payments industry. Other global-scale entities, such as Visa and Mastercard, have initiated similar integration processes. In December 2025, Visa launched settlement services using the USD Coin (USDC) stablecoin for selected financial institutions in the United States using the Solana network, citing its high throughput and low transaction costs.
For the second half of 2026, Shinhan Card and the Solana Foundation are expected to present the results of the advanced PoC. This technical document will detail the scalability of payments in physical stores and the final integration of non-custodial wallets into the card’s mobile application. The transition to a commercial phase will depend on demonstrated technical stability and the regulatory guidelines set by South Korean financial authorities for the use of stablecoins in retail trade.
This article is for informational purposes only and does not constitute financial advice.
