SBI DigiTrust has initiated a test for stablecoin QR code payments designed for Japanese travelers in South Korea. The initiative is being conducted in partnership with NICE Information & Telecommunication and DSRV, with the three firms aiming to complete the testing phase by the end of December 2026.
The SBI Group announced the project following a memorandum signed by the three companies at the NICE headquarters in Seoul on Sept. 30. The collaborative effort evaluates how Japanese travelers in South Korea could make retail purchases by scanning QR codes.
Project Structure and Roles
The partners are examining the complete checkout process rather than restricting the evaluation to simple blockchain transfers between test wallets. The technical review covers the movement of funds from a Japanese customer to a Korean merchant, required payment instructions, and the interconnection of corporate systems.
Each company fulfills a specific role within the project:
- SBI DigiTrust oversees the Japanese regulatory, financial, and digital asset aspects, as well as the overall payment structure design.
- NICE Information & Telecommunication contributes its payment services along with a network comprising approximately 1.2 million merchants across South Korea, though it has not been stated that all locations will participate.
- DSRV manages the technical infrastructure, studying system architecture, stablecoin specifications, and the integration of blockchain tools with established payment networks.
The testing will also assess transaction sizes and costs. As of the announcement, the partners have not disclosed a specific stablecoin, blockchain network, wallet provider, exchange rate system, or settlement currency.
Regulatory Landscape
Because Japan and South Korea are at different stages of digital asset oversight, regulatory analysis remains a key component of the test. Japan already regulates fiat-linked stablecoins as electronic payment instruments under its Payment Services Act, which was supplemented on June 1 by a registration framework for intermediaries of certain stablecoin and crypto services.
Meanwhile, South Korea is still developing its regulatory framework for won-linked stablecoins. SBI noted that the partners will continuously monitor policy updates throughout the duration of the test. Concurrently, the Bank of Korea has been actively researching tokenized deposits, digital payments, and central bank digital currencies.
The partners plan to map out the entire payment process and identify operational and regulatory challenges by the December 2026 deadline. SBI has not yet committed to launching a commercial service following the conclusion of the test.
