SBI DigiTrust, alongside NICE Information & Telecommunication and DSRV, has launched tests for stablecoin-based remittances and QR payments between Japan and South Korea. A completion target of late December 2026 has been set by the three companies.
On Oct. 1, the SBI Group shared that the partners are testing a scenario where Japanese travelers settle bills at NICE-affiliated stores in South Korea by scanning QR codes. The flow of funds from the Japanese buyer to the Korean vendor is being examined by the team, alongside the necessary payment instructions and how the corporate networks will link up.
SBI Stablecoin Trial Targets QR Payments for Tourists
Instead of keeping the project restricted to token transfers between test wallets, an actual checkout flow is being explored by the companies, according to the official statement. NICE brings its established merchant operations and payment network to the table, while DSRV evaluates the underlying blockchain architecture required for the settlement process.
SBI DigiTrust manages the financial, digital-asset, and regulatory aspects of the project on the Japanese side. The payment structure is being designed by the firm, according to the SBI Group subsidiary, which is also factoring in potential collaboration across other SBI ventures.
On the South Korean end, NICE noted that a three-way memorandum was signed by the firms at its Seoul headquarters on Sept. 30. The trial is scheduled to run through December, after which commercial deployment of the model will be evaluated by the partners.
The specific stablecoin has not been revealed by the parties involved. No blockchain network, wallet provider, settlement currency, or exchange-rate system has been specified in their updates, and a rollout date for the commercial service remains unannounced.
NICE Provides the Test Access to a Broad Merchant Network
Per SBI’s announcement, payment services are run throughout South Korea by NICE, which supports around 1.2 million merchants nationwide. NICE-affiliated stores are being used as the testing ground for this current verification, though confirmation has not been provided by either company that all 1.2 million locations will join in.
Merchant operations, links to current payment setups, and the business case for stablecoin settlement will be looked at by NICE. An avenue is provided by the firm’s role for the partners to study how a blockchain transfer might plug into the payment infrastructure already relied upon by Korean shops.
The technical side of the project is handled by DSRV. According to SBI, the system design, stablecoin requirements, and integration between the blockchain framework and the legacy systems of the other partners are being researched by the Korean blockchain firm.
Transaction costs and sizes will be evaluated alongside technical feasibility during the verification. The findings are meant to be utilized by the partners when deciding if a commercial service is viable, meaning the December deadline serves strictly for testing rather than a public rollout.
Stablecoin Rules Differ Between Japan and South Korea
Because Japan and South Korea stand at different phases regarding their stablecoin frameworks, regulation continues to form a key part of the trial. A careful review of regulatory compliance is being maintained by the participants to navigate these differences smoothly.
Fiat-linked stablecoins are already regulated as electronic payment instruments in Japan. Registration requirements under the relevant Payment Services Act must be met by businesses providing electronic payment instrument services within the country, according to the Financial Services Agency.
On June 1, Japan broadened its digital-asset framework by introducing a registration system for firms that handle certain stablecoin and crypto services for registered providers. The launch of this new intermediary regime on that date has been confirmed by the FSA.
South Korea is still hashing out its regulations for won-linked stablecoins. According to SBI’s official statement, ongoing policy shifts will be monitored by the partners throughout the trial period as the local regulatory framework remains under development.
The Bank of Korea has been driving its own initiatives around digital payments, tokenized deposits, and central bank digital currency infrastructure while taking part in talks regarding won stablecoin legislation. Virtual asset research has been ramped up by the central bank, according to its 2025 payment systems report, which noted that active contributions to the policy discussion surrounding KRW stablecoins are being made by the institution.
SBI Is Testing Several Japan-Korea Payment Routes
This project involving NICE and DSRV is not the initial stablecoin experiment connecting Japan and South Korea for SBI. Prior cross-border tests have been carried out by the company, showcasing its ongoing efforts in the digital currency space.
In August, SBI kicked off a separate Japan-Korea stablecoin initiative utilizing Canton alongside South Korean blockchain infrastructure firm Nodeinfra. Payment tokens and eventual regulated stablecoin settlements between financial institutions are being examined by that project.
Another trial reached the testing phase in September. A yen-won stablecoin payment pilot was completed by Kyobo Life and SBI, testing direct exchange between digital representations of the two currencies without transactions being routed through the U.S. dollar.
The Canton Network served as the foundation for the Kyobo test, which covered foreign exchange, transfer, tracking, settlement, and reconciliation. No institutional funds were moved during that pilot, and a production launch date was left unannounced by the companies.
SBI Remit has pursued a different international payment route. Cross-border stablecoin infrastructure encompassing remittances, payment services, and settlement across multiple markets is being built through a partnership with Fasset, which was established by the firm.
Regulated stablecoin products within Japan have also been under construction by SBI Group. RLUSD was launched in the country in June by Ripple and SBI VC Trade after the necessary regulatory clearance was secured, granting Japanese clients entry to the dollar-backed stablecoin via a licensed local distributor.
December Results Will Determine the Next Step
For the ongoing initiative, SBI DigiTrust noted that the remaining months of 2026 will be used by the partners to map out the entire payment journey starting from the Japanese consumer and ending at the Korean merchant. A comprehensive blueprint of the transactional flow is being drawn up by the team to ensure seamless connectivity before testing wraps up.
Fund movement, payment and settlement instructions, corporate system links, transaction fees, and the scale for a prospective service will be covered by the work. Operational and regulatory hurdles that must be resolved prior to commercialization are intended to be spotted by the partners.
According to SBI, the findings will be utilized as material for future business choices once the verification finishes. The end of December 2026 has been designated as the completion target by the announcement, though NICE, DSRV, and SBI DigiTrust have not committed to rolling out a commercial Japan-Korea stablecoin payment service afterward.
