Shinhan Bank, from South Korea, has finished a proof-of-concept to use stablecoins for international money transfers, supported by the Hedera Hashgraph network.
This test included partners SCB TechX, the technology arm of Thailand’s Siam Commercial Bank, and a financial institution in Taiwan.
These participants achieved real-time settlement and integration of three currencies (won, baht, and Taiwan dollar) in the test blockchain environment.
The prototype is compatible with EVM networks and can be used by any issuers of stablecoins founded on such networks.
These proofs-of-concept were an accumulation of the joint tests Shinhan Bank conducted with the South African Standard Bank in 2021 to evaluate the aptitude of stablecoins for cross-border settlements.
As a spokesperson for Shinhan Bank has remarked:
“Stablecoins offer an economical, rapid, and dependable method to share money internationally that could expand financial inclusion of individuals and businesses in underserved regions.”
This year, Shinhan Bank also invested in a Korean consortium of digital asset custodians and, in conjunction with LG Corporation’s IT division, developed a CBDC blockchain platform test for the Bank of Korea.
