SBI DigiTrust has begun a cross-border stablecoin payments trial in partnership with South Korean firms NICE Information & Telecommunication and DSRV. The initiative focuses on allowing Japanese visitors in South Korea to make payments at local merchants using stablecoins via QR codes. All three companies expect to complete this testing phase by December 2026.
Partnership and Scope of the Stablecoin Pilot
The collaboration was formalized with a memorandum signed at NICE Information & Telecommunication’s Seoul headquarters on September 30. As part of this agreement, the three companies intend to evaluate technological, financial, and regulatory aspects of stablecoin payment processing during the trial period.
SBI DigiTrust is a subsidiary of SBI Group, a Japanese financial services giant known for its involvement in banking, securities, and digital asset businesses. NICE Information & Telecommunication brings its substantial payment infrastructure to the project, operating a network of approximately 1.2 million merchants in South Korea. DSRV, a Seoul-based blockchain technology company, leads the technical development for the test.
The pilot is designed to simulate the entire checkout process. The three companies will assess each step, from QR code scanning by Japanese travelers in South Korean stores to the transfer and settlement of funds for participating merchants. The focus will be on evaluating transaction procedures, instructions necessary for payment completion, and integration of company systems.
NICE has clarified that the test will utilize its merchant network, although not every one of the 1.2 million merchants may participate. DSRV is responsible for system design and studying how blockchain-based stablecoins can be linked to existing payment infrastructure.
Mini dictionary: DSRV is a South Korean company specializing in blockchain infrastructure solutions and provides services for building, operating, and linking decentralized applications and digital asset infrastructures.
SBI DigiTrust, NICE Information & Telecommunication, and DSRV aim to map out the full payment process for Japanese travelers in South Korea, focusing on operational requirements and regulatory considerations before determining further steps.
At this stage, the companies have not disclosed which stablecoin, blockchain network, or wallet service provider will be used. They also have not announced exchange rate protocols or settlement currency standards. Further commercial details and an eventual launch date remain undecided, pending the completion of the pilot phase.
Regulatory Landscape in Japan and South Korea
The pilot also serves as a regulatory test between two countries with differing rules. Japan already recognizes fiat-pegged stablecoins as electronic payment instruments under its Payment Services Act. Japanese regulators enacted a registration system for intermediaries handling certain stablecoins and crypto services on June 1, with the Financial Services Agency confirming enforcement on the same day.
South Korea, on the other hand, is still developing a regulatory framework for stablecoins linked to its national currency, the South Korean won. During the pilot, the companies plan to closely monitor unfolding policy changes and regulatory requirements in South Korea.
The Bank of Korea has been conducting studies on tokenized deposits, digital payments, and central bank digital currencies. Its 2025 payment systems report stated an ongoing involvement in policy discussions concerning won-based stablecoins.
SBI Group has engaged in previous Japan-Korea cross-border stablecoin projects, including trials using the Canton Network with the South Korean technology firm Nodeinfra and a yen-won stablecoin pilot in partnership with Kyobo Life. These initiatives have explored direct exchanges between the yen and won, although they did not involve actual money transfers.
More recently, SBI Remit partnered with Fasset to develop cross-border stablecoin payment services. In June, Ripple and SBI VC Trade launched the RLUSD stablecoin in Japan after securing regulatory approval.
The companies have stated that their current objective is to review operational and regulatory issues around stablecoin payments, while any commercial launch will be evaluated once testing concludes at the end of 2026.
