SBI tests stablecoin QR payments between Japan and South Korea

01The Story新闻事实

SBI DigiTrust, NICE Information & Telecommunication and DSRV are testing stablecoin remittances and QR payments for Japanese travelers paying Korean merchants. The trial examines payment flows, system connections, transaction costs and regulatory issues, with completion targeted for the end of December 2026. The partners have not announced the stablecoin, blockchain or a commercial launch.SBI DigiTrust、NICE Information & Telecommunication与DSRV正在测试面向日本游客在韩国商户支付的稳定币汇款和二维码支付。测试将评估支付流程、系统连接、交易成本及监管问题，目标是在2026年12月底前完成。合作方尚未公布所使用的稳定币、区块链或商业服务上线时间。

The three companies are testing payments in which Japanese travelers scan QR codes at NICE-affiliated merchants in South Korea.三家公司正在测试日本游客在韩国NICE关联商户扫描二维码进行支付的场景。
The test covers fund movement, payment instructions, system connectivity, transaction size and transaction costs.测试内容包括资金流转、支付指令、系统连接、交易金额和交易成本。
The partners are targeting completion of the verification by the end of December 2026, not the launch of a commercial service.合作方的目标是在2026年12月底前完成验证，而不是在该时间推出商业服务。
NICE supports roughly 1.2 million merchants nationwide in South Korea, although the companies have not said that all of them will participate.NICE在韩国全国支持约120万家商户，但公司没有表示这些商户都会参与测试。
Japan regulates fiat-linked stablecoins as electronic payment instruments, while South Korea is still developing rules for won-linked stablecoins.日本将与法定货币挂钩的稳定币作为电子支付工具进行监管，而韩国仍在制定韩元稳定币相关规则。

The trial is testing whether a regulated Japan-Korea stablecoin payment model can connect blockchain settlement with existing merchant infrastructure.这项测试考察的是，受监管的日韩稳定币支付模式能否将区块链结算接入现有商户基础设施。

023 Dimensions维度分析

Stakeholder impact利益相关方

Tourist payment infrastructure面向游客的支付基础设施

The project focuses on a practical checkout flow rather than transfers between test wallets. NICE contributes merchant operations and existing payment connections, while DSRV studies the blockchain architecture.该项目聚焦实际收银流程，而不是测试钱包之间的转账。NICE负责商户运营和现有支付连接，DSRV则研究区块链架构。

NICE-supported merchantsNICE支持的商户数量

1.2M merchants120万家商户

current test context当前测试背景

Japanese travelers are expected to pay Korean merchants by scanning QR codes.测试设想日本游客通过扫描二维码向韩国商户付款。
The partners are studying how blockchain transfers could connect with payment systems already used by Korean stores.合作方正在研究区块链转账如何连接韩国商店现有的支付系统。

Comparison对比

Different regulatory starting points不同的监管起点

Japan has registration requirements for businesses providing services involving electronic payment instruments, while South Korea is still working through its framework for won-linked stablecoins. The regulatory gap is part of the test.日本已对提供电子支付工具相关服务的企业设立注册要求，而韩国仍在推进韩元稳定币监管框架。两国的监管差异本身就是测试内容之一。

Japan's intermediary regime for certain stablecoin and crypto services became effective on June 1.日本针对部分稳定币和加密服务中介业务的制度于6月1日生效。
South Korea's framework for won-linked stablecoins remains under development.韩国的韩元稳定币监管框架仍在制定中。

Historical context历史脉络

A broader SBI testing programSBI更广泛的测试计划

The QR-payment trial is one of several SBI-linked Japan-Korea stablecoin initiatives. Other projects have examined institutional settlement, direct yen-won exchange and wider cross-border payment infrastructure.二维码支付测试是SBI关联的多项日韩稳定币项目之一。其他项目已研究机构间结算、日元与韩元的直接兑换，以及更广泛的跨境支付基础设施。

In August, SBI began a separate Japan-Korea stablecoin network project with Nodeinfra using Canton.8月，SBI与Nodeinfra启动了另一个基于Canton的日韩稳定币网络项目。
In September, Kyobo Life and SBI tested a yen-won stablecoin payment pilot without moving institutional funds.9月，Kyobo Life与SBI测试了日元—韩元稳定币支付试点，但没有转移机构资金。
SBI Remit has separately partnered with Fasset on cross-border stablecoin infrastructure.SBI Remit还单独与Fasset合作开展跨境稳定币基础设施项目。

03Timeline时间线

2026-09-30 NICE said the three companies signed their memorandum at its Seoul headquarters.NICE表示，三家公司在其首尔总部签署了三方备忘录。
2026-10-01 SBI Group said the partners were testing QR payments for Japanese travelers at NICE-affiliated merchants in South Korea.SBI集团表示，合作方正在测试日本游客在韩国NICE关联商户使用二维码支付。
2026-12 The partners are targeting completion of the current verification by the end of December 2026.合作方计划在2026年12月底前完成当前验证。

Key takeaway核心结论

The December deadline is intended to produce evidence for future business decisions, not to guarantee a commercial Japan-Korea stablecoin payment launch.12月期限旨在为未来商业决策提供验证结果，并不代表日韩稳定币支付服务一定会商业上线。

04What to Watch后续关注

Whether the partners identify a stablecoin, blockchain, wallet provider, exchange-rate system or settlement currency.合作方是否会确定所使用的稳定币、区块链、钱包提供商、汇率系统或结算货币。
The test results on transaction costs, transaction size and the scale at which a future service could operate.测试对交易成本、交易金额以及未来服务可运营规模的评估结果。
How changes in South Korea's stablecoin rules affect the proposed payment model.韩国稳定币监管规则的变化将如何影响拟议中的支付模式。
Whether the partners decide to pursue commercialization after the December verification.合作方在12月验证结束后是否决定推进商业化。

05Uncertainties不确定因素

The announcements do not specify which stablecoin or blockchain will be used.公告没有说明将使用哪种稳定币或区块链。
The companies have not disclosed a commercial launch date or confirmed that NICE's roughly 1.2 million merchants will participate.公司尚未公布商业服务上线时间，也未确认NICE约120万家商户都会参与。
South Korea's regulatory framework for won-linked stablecoins remains under development.韩国针对韩元稳定币的监管框架仍在制定中。

06Sources信息来源

SBI wants stablecoin QR payments for Japan-Korea travelSBI wants stablecoin QR payments for Japan-Korea travel crypto.news · 2026-10-02

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