"Corporate Overseas Remittance with Stablecoins"... Shinhan Bank Completes Proof of Concept

On September 30, Shinhan Bank announced that it had completed a technological proof of concept utilizing stablecoins throughout the entire overseas remittance process for corporate clients.

Corporate customers can continue using their existing corporate banking services and foreign currency accounts without the need for a separate digital asset wallet or directly handling stablecoins. The fund transfer and settlement—using digital assets—take place entirely within the bank’s processing domain. This framework enables companies to maintain their existing overseas remittance methods while integrating stablecoins into the bank’s payment and settlement processes. Solana Foundation participated in the technology collaboration.

Shinhan Bank incorporated the real overseas remittance requirements of major domestic corporations, conducting the proof of concept through the entire process: registering counterparties, internal approvals, foreign currency account verification, execution of remittance by the bank, fund settlement and payment to recipients, and remittance returns. Through this, the bank verified the outcomes at every stage and its ability to handle exceptions. Protecting transaction information was also designated as a key evaluation criterion during this process.

Based on the results of this proof of concept, Shinhan Bank plans to review the possibility of real-world service deployment in line with future regulatory and policy developments. A Shinhan Bank representative said, "This proof of concept is significant in that it not only validated the technical performance of stablecoins, but also confirmed the feasibility of applying a new payment and settlement method within the bank’s control systems and actual corporate overseas remittance operations."

This content was produced with the assistance of AI translation services.