SBI Tests Stablecoin QR Payments for Japanese Travelers in South Korea
by Maisie Morrison · BlockonomiTLDR
Table of Contents
- SBI DigiTrust is testing stablecoin QR payments for Japanese travelers in South Korea with NICE and DSRV.
- The three companies signed a memorandum on Sept. 30 and aim to finish testing by the end of December 2026.
- NICE brings a payment network of about 1.2 million Korean merchants to the project.
- The partners have not named a stablecoin, blockchain or commercial launch date.
- Japan already regulates stablecoins, while South Korea is still building its rules.
SBI DigiTrust has started testing stablecoin payments between Japan and South Korea. The company is working with NICE Information & Telecommunication and DSRV, and the three firms aim to finish the work by the end of December 2026.
SBI Group announced the project on Oct. 1. The test looks at how Japanese travelers in South Korea could pay at stores by scanning QR codes.
NICE said the three companies signed a memorandum at its Seoul headquarters on Sept. 30. The test will run through December before the firms decide on any next steps.
How the Japan-Korea Stablecoin Test Works
The partners are studying a full checkout process, not just blockchain transfers between test wallets. The work covers how money moves from a Japanese customer to a Korean merchant, what payment instructions are needed, and how company systems would connect.
Each company has a set role. SBI DigiTrust handles the Japanese regulatory, financial and digital asset side, including the design of the payment structure.
NICE brings its payment services and a network of about 1.2 million merchants across South Korea. The test uses NICE-affiliated stores, but neither company has said all 1.2 million locations will take part.
DSRV, a Korean blockchain company, is in charge of the technical side. It will study system design, stablecoin requirements and how blockchain tools link to existing payment systems.
The test will also look at transaction size and cost. The partners have not named a stablecoin, blockchain, wallet provider, exchange rate system or settlement currency.
Different Stablecoin Rules in Japan and South Korea
Regulation is part of the test because the two countries are at different stages. Japan already treats fiat-linked stablecoins as electronic payment instruments under its Payment Services Act.
On June 1, Japan added a registration system for businesses that act as intermediaries for certain stablecoin and crypto services. The Financial Services Agency confirmed the rule took effect that day.
South Korea is still writing its rules for won-linked stablecoins. SBI said the partners will keep reviewing policy changes while the test runs.
The Bank of Korea has been researching tokenized deposits, digital payments and central bank digital currency. Its 2025 payment systems report said it was taking part in the debate over won stablecoins.
SBI has other Japan-Korea projects. In August, it began work on a stablecoin network using Canton with South Korean firm Nodeinfra.
In September, Kyobo Life and SBI completed a yen-won stablecoin pilot on the Canton Network. It tested direct exchange between yen and won without using the U.S. dollar, though no real funds moved.
SBI Remit has also partnered with Fasset on cross-border stablecoin services. In June, Ripple and SBI VC Trade launched the RLUSD stablecoin in Japan after getting regulatory approval.
For the NICE and DSRV project, the partners plan to map the full payment process and identify operational and regulatory issues. The end of December 2026 is a testing deadline, and SBI has not committed to launching a commercial service afterward.