Shinhan Bank and Lotte Members begin PoC for Korean won stablecoin payments

Shinhan Bank, together with Lotte Members, has begun a proof of concept (PoC) for a payment service using a Korean won stablecoin.

According to industry sources on the 23rd, the two institutions will conduct tests of stablecoin payments and reserve management at Lotte merchants until December 11. According to internal documents, the two companies are also carrying out legal procedures, such as obtaining third-party personal data consent, for payment tests targeting L.POINT partners.

The PoC will be conducted at select merchants and will integrate a stablecoin structure into the L.POINT payment network to verify efficiency and stability in a real transaction environment. During the test period, payments made with the stablecoin will be operated in a way that deducts L.POINT.

Shinhan Bank will be responsible for verifying the collateral backing of the stablecoin. The core is to match the issuance volume of the Korean won stablecoin with off-chain reserves (fiat currency) and build a system that automatically verifies this by linking it to the on-chain environment.

Lotte Members plans to expand the point payment network into stablecoin infrastructure through this demonstration, and Shinhan Bank intends to prove the stablecoin's stability and reliability through reserve verification. After integrating with the public delivery app 'Ttaenggyeoyo', Shinhan Bank has expanded to the L.POINT payment network and is accelerating preparations for the commercialization of the Korean won stablecoin.