Shinhan Bank Completes Stablecoin Medical Expense Settlement Pilot with KSNET

According to Yonhap News Agency, Shinhan Bank, in collaboration with Korean payment service provider KSNET, has successfully completed a pilot project demonstrating the payment and settlement process for foreign patients paying medical expenses with stablecoins, with Korean healthcare institutions receiving funds in Korean won. Announced on October 21, the pilot was conducted as a limited trial at a medical facility in Seoul, utilizing a streamlined overseas stablecoin payment service. Under this process, after foreign patients make payments using stablecoins, a regulated overseas entity converts the assets into fiat currency and remits them to South Korea. KSNET then settles the payment with the healthcare institution in Korean won. Through this initiative, Shinhan Bank evaluated the feasibility of integrating the financial infrastructure necessary for domestic receipt processing and KRW settlement.