SBI DigiTrust, a blockchain infrastructure company within the SBI Group, has entered a basic agreement with South Korean payment operator NICE Information & Telecommunication and blockchain infrastructure provider DSRV to test cross-border stablecoin remittances and settlements between Japan and South Korea. The memorandum was signed at NICE’s Seoul headquarters on September 30, with the formal announcement issued on October 1.

The validation centers on a practical retail scenario in which Japanese travelers use QR codes to pay at NICE-affiliated merchants across South Korea. The partners are examining the full path of funds from the Japanese customer to the Korean merchant, the required payment and settlement instructions, and the technical connections between their respective systems.

Scope of the Joint Validation

The three companies are studying how a stablecoin-based process could integrate with existing payment infrastructure rather than limiting the exercise to transfers between test wallets. Key elements under review include fund movement mechanisms, system interoperability, expected transaction volumes, associated costs, and overall commercial viability.

NICE contributes its established payment operations and merchant network, which supports approximately 1.2 million locations nationwide. The company will assess in-store settlement procedures, links to current payment systems, and whether the model can function as a workable business in real merchant settings. Not all of those merchants are expected to participate in the current phase.

DSRV is responsible for evaluating the blockchain architecture, technical requirements for stablecoin transfers, system design, and methods for connecting distributed-ledger infrastructure with the partners’ existing platforms.

SBI DigiTrust is leading the design of the overall settlement structure. Drawing on its knowledge of Japanese regulations, payment systems, digital assets and financial infrastructure, the company will also consider coordination with other SBI Group businesses.

Regulatory Context

Japan already treats certain fiat-linked stablecoins as electronic payment instruments under the Payment Services Act, with registration requirements for relevant service providers. An intermediary registration regime for certain digital-asset services took effect on June 1.

South Korea’s framework for won-linked stablecoins remains under development. The partners have stated that they will monitor policy changes during the validation period and treat regulatory issues as matters requiring continued review beyond the current technical and operational tests.

Company Roles and Next Steps

Each participant brings complementary capabilities: SBI DigiTrust on the Japanese regulatory and financial side, NICE on merchant-facing payment operations in South Korea, and DSRV on blockchain infrastructure. The companies intend to map the complete payment process, identify operational and regulatory points that would need resolution before any commercial service, and use the results to guide subsequent business judgments.

The project forms part of a broader series of Japan-South Korea digital payment experiments involving SBI Group entities, though the current effort is distinct in its focus on tourist QR-code payments at a large existing merchant network.

Once the December target is reached, the three firms will evaluate the collected data on technical feasibility, cost structures, scalability and regulatory alignment to determine whether and how a commercial offering could be developed.