Shinhan Card, Solana Foundation sign MOU on stablecoin, Web3 payments

Shinhan Card has signed a strategic memorandum of understanding (MOU) with the Solana Foundation to collaborate on stablecoin payment technology and expand the Web3 payment ecosystem, JoongAng Economy News reported on April 30. Building on a proof of concept (PoC) completed last year, the two parties will conduct a more advanced PoC this year and jointly research commercialization possibilities in various fields. They plan to use the Solana testnet to implement payment scenarios between customers and merchants and review the technical stability of the blockchain network. The partnership will also involve further stability verification for non-custodial wallets, which are considered essential infrastructure for the Web3 ecosystem. Additionally, they will pursue the development of a new hybrid financial model that combines the efficiency of traditional finance (TradFi) and decentralized finance (DeFi). Shinhan Card aims to establish its own DeFi service environment by utilizing oracle technology to securely link real-world transaction data to the blockchain network.