Shinhan Bank, one of South Korea’s four largest banks, has tested a pilot program on its Hedera (HBAR) network for international stablecoin payments.
Shinhan Bank has completed a test on the Hedera network for international stablecoin payments. In the official statement made by the Hedera team, within the scope of the pilot application, proof of concept (PoC) operations were reported to have been successful. Technology innovation business unit of Siam Commercial Bank in pilot phase SCB TechXwas featured in. The pilot implementation was the 2nd test position performed by Shinhan Bank.
The PoC in question is Shinhan Bank’s in 2021 via stablecoins with Standard Bank international remittances It is a continuation of his previous work, which started with the establishment of a partnership on
piloting Thai Baht (THB), New Taiwan dollar (NTD) And South Korean Won (KRW) Real-time settlement and real-time exchange rate integration between The bank benefited from Hedera’s Distributed Ledger technology throughout these transactions.
Shinhan Bank blockchain official, who made a statement on the subject Byunghee Kim the use of stablecoins in cross-border transactions in reducing costs And to speed up transactions He stressed that this is an important step:
Stablecoins offer a low-cost, fast and reliable way to transfer assets across borders; this can help increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities. We are pleased to partner with Hedera to explore the potential of stablecoins as a way to facilitate cross-border remittances.