According to The Block’s report South Korean bank Shinhan Bank, Hedera started testing stablecoin payments on its network.
At this point, using Shinhan Bank Hedera’s distributed ledger technology stablecoin completed his test for remittance payments.
It was stated that the purpose of this test was to eliminate the negative features such as high fees and long payment periods seen in cross-border payments.
Shinhan Bank’s director of blockchain Byunghee Kim He stated the following in his statement:
“Stablecoins offer a low-cost, fast and reliable way to transfer value in cross-border payments.
This can help increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities.
In this next phase, we are pleased to demonstrate how the use of Hedera’s EVM-compliant technology helps eliminate middlemen, reduce costs and speed up the remittance process.”
HBAR, the Hedera network’s token, lived up to 5% on a daily basis. HBAR, which goes up to $ 0.0554, continues to trade at $ 0.0543 at the time of writing.
*Not investment advice.
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