SBI and Nodeinfra to build Japan-Korea stablecoin payment network on Canton
SBI Digital Practice and South Korea's Nodeinfra have partnered to launch Project Musubi, a cross-border payment network built on the Canton Network. Designed to bypass U.S. dollar intermediation, the network will initially test yen and won sandbox tokens. While Japan has already launched its regulated JPYSC stablecoin, South Korea's digital asset legislation remains under negotiation, making regulatory alignment a key dependency for commercial rollout.
Project Musubi payment network
▪Project Musubi is designed to address the friction and settlement risks associated with using the U.S. dollar as an intermediary vehicle in settlements between Japan and South Korea.
▪SBI Digital Practice and South Korea's Nodeinfra signed a memorandum of understanding on August 7, 2026, to jointly develop a cross-border payment and settlement network called Project Musubi.
▪The partners plan to eventually expand Project Musubi beyond the Japan-Korea corridor to include additional currencies, jurisdictions, and asset classes.
Canton Network settlement architecture
▪Project Musubi will utilize the Canton Network infrastructure to enable atomic payment-versus-payment settlement, distributed peer netting, and member self-governance.
▪The atomic settlement architecture of Project Musubi is designed to complete both sides of a currency exchange simultaneously, reducing the risk of one party failing to deliver funds.
Test token testing phase
▪SBI Digital Practice and Nodeinfra have not provided a commercial launch date or named participating banks, exchanges, or payment firms for Project Musubi.
▪The initial phase of Project Musubi will use yen-denominated and won-denominated test tokens with no real value rather than live commercial stablecoins.
Regulatory framework timeline
▪SBI Shinsei Trust Bank launched JPYSC, described as Japan's first trust-type yen stablecoin, in June 2026, with SBI VC Trade handling primary distribution starting June 24, 2026.
▪The official announcement for Project Musubi does not confirm whether the JPYSC stablecoin will be used during the initial cross-border testing phase.
▪South Korea is currently developing regulatory measures for won-denominated digital assets under a broader Digital Asset Basic Act, with key provisions covering issuance and circulation still under negotiation.
SBI Digital Practice role
▪Ryo Shimotsu, representative director of SBI Digital Practice, stated that the group intends to connect Project Musubi with SBI's wider onchain infrastructure to set a new standard for Japan-Korea payment infrastructure.
▪SBI Digital Practice will build integration layers connecting existing Japanese financial systems to the network and leverage SBI Group relationships to support onboarding in Japan.
▪SBI Group renamed its subsidiary SBI Security Solutions to SBI Digital Practice in June 2026, shifting its focus toward institutional onchain finance built around the Canton Network.
Nodeinfra protocol development
▪Nodeinfra will support and onboard South Korean financial institutions and custodians onto the Project Musubi network.
▪Nodeinfra is tasked with developing the core settlement protocol, Daml smart contracts, and developer tools for Project Musubi.
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