SBI Digital Practice and South Korea’s Nodeinfra have agreed to develop Project Musubi, a cross-border payment and settlement network linking Japan and South Korea on Canton Network. The partners said the first phase will use yen-denominated and won-denominated test tokens rather than live commercial stablecoins, with a shift toward regulated stablecoins planned when both markets allow it. The project is designed to let both sides of a foreign-exchange payment settle simultaneously through atomic payment-versus-payment settlement, reducing the added friction and settlement risk that can arise when the U.S. dollar is used as an intermediary. SBI Digital Practice will connect Japanese financial institutions and existing systems, while Nodeinfra will build the settlement protocol, Daml smart contracts and developer tools, and support Korean institutions and custodians. SBI’s Japanese infrastructure is further advanced because the group launched JPYSC through SBI Shinsei Trust Bank in June and put it into circulation on June 24 via SBI VC Trade, while South Korea is still developing won stablecoin rules under the Digital Asset Basic Act. The companies have not given a commercial launch date or named participating banks, exchanges or payment firms, and their stated expansion into additional currencies, jurisdictions and asset classes remains a plan rather than a confirmed rollout.