The partners signed a memorandum of understanding on August 7 to begin technical development using yen and won-denominated test tokens. While the project aims to integrate regulated stablecoins, the timeline remains contingent on evolving legislative frameworks in both nations. South Korea is currently drafting its Digital Asset Basic Act, which will eventually govern the issuance of won-backed digital assets, while Japan has already introduced the JPYSC trust-type stablecoin via SBI Shinsei Trust Bank.
In section Cryptocurrency
SBI and Nodeinfra Launch Project Musubi for Japan-Korea Payments
By bypassing the U.S. dollar as an intermediary, Japan’s SBI Digital Practice and South Korea’s Nodeinfra are building a cross-border payment network designed to settle yen and won transactions simultaneously. The initiative, dubbed Project Musubi, utilizes the Canton Network to eliminate the settlement risks inherent in traditional sequential exchange processes.
Project Musubi focuses on atomic payment-versus-payment settlement and distributed peer netting to ensure both sides of a transaction execute concurrently. SBI Digital Practice is tasked with connecting Japanese financial institutions to the infrastructure, while Nodeinfra manages the development of Daml smart contracts, core protocols, and the necessary tooling for Korean custodians. Although the current scope is limited to the Japan-Korea corridor, the companies intend to scale the network to include additional currencies and jurisdictions once the initial testing phase concludes and regulatory requirements are satisfied.
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