Kyobo Life Insurance and Japan’s SBI Group have completed a cross-border pilot that tested direct exchange between yen- and won-denominated stablecoin representations without routing transactions through the U.S. dollar. Conducted with SBI Digital Practice since July, the exercise used test tokens in the Canton Network test environment to model institutional fund transfers, foreign exchange, settlement, real-time tracking and reconciliation between Japan and South Korea. No live stablecoins or institutional funds changed hands, making the project a technical and operational demonstration rather than a commercial transaction. Kyobo Life described it as South Korea’s first cross-border institutional stablecoin test by an insurer and said the structure could reduce currency-conversion steps, processing time and transaction costs, although no comparative figures were released. The companies plan further cooperation involving digital-asset exchange, settlement and asset-management links between the two markets. The pilot is separate from SBI Digital Practice’s Project Musubi with Nodeinfra, a Japan-Korea payment-network initiative announced in August that remains at the test-token and infrastructure-development stage.