SBI Korea Japan stablecoin begins testing with yen and won tokens
A new blueprint for moving money between Tokyo and Seoul is taking shape, and it starts with something surprisingly modest: test tokens with no real value attached. SBI Group and Korean blockchain infrastructure firm Nodeinfra have signed a memorandum of understanding to build a cross-border payment network linking Japanese and Korean financial institutions, and the early phase of this SBI Korea Japan stablecoin initiative will rely on experimental yen and won tokens rather than commercial stablecoins. The project, called Project Musubi, is designed to eventually settle real payments, but for now it’s confined to a testing sandbox while regulators in both countries catch up.
Key takeaways
- SBI and Nodeinfra will test yen and won payment tokens before rolling out regulated stablecoins commercially.
- Project Musubi runs on the Canton Network, using atomic payment-versus-payment settlement and distributed peer netting.
- SBI Digital Practice connects Japanese institutions; Nodeinfra builds settlement protocols and onboards Korean partners.
- Japan already has SBI’s JPYSC stablecoin, launched in June, while South Korea’s won stablecoin rules are still under negotiation.
- No commercial launch date, participating institutions, or won issuer has been named yet.
SBI and Nodeinfra Launch Cross-Border Stablecoin Network Testing
Before any regulated stablecoin changes hands between Japan and South Korea, engineers need to prove the plumbing works. That’s the logic behind starting Project Musubi with simulated currency rather than live money — a cautious first step that reflects how unsettled the regulatory picture still is in both markets.
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