Summary:
South Korea’s Shinhan Bank has conducted a successful feasibility test for stablecoin remittance payments using Hedera’s distributed ledger technology. The goal of the project was to address issues with cross-border payments, such as high fees, lengthy settlement times, and the lack of tracking features. The pilot involved several financial institutions, including SCB TechX. Byunghee Kim, who leads blockchain at Shinhan Bank, highlighted the benefits of stablecoins in increasing financial inclusion and improving access to financial services. The stablecoin remittance pilot is compatible with the Ethereum Virtual Machine (EVM) and aims to eliminate intermediaries, reduce costs, and accelerate the remittance process.
Key Points:
– Shinhan Bank completed a feasibility test for stablecoin remittance payments using Hedera’s distributed ledger technology.
– The project aimed to address issues with cross-border payments, such as high fees, lengthy settlement times, and the lack of tracking features.
– The pilot involved SCB TechX and other financial institutions.
– Stablecoins offer a low-cost, fast, and reliable way to transfer value across borders, increasing financial inclusion and improving access to financial services.
– The stablecoin remittance pilot is compatible with the Ethereum Virtual Machine (EVM) and can help eliminate intermediaries, reduce costs, and speed up the remittance process.
Hot Take:
The successful completion of Shinhan Bank’s stablecoin remittance pilot using Hedera’s technology marks an important step forward in making cross-border payments faster, cheaper, and more accessible worldwide. By leveraging stablecoins and the Ethereum Virtual Machine, Shinhan Bank aims to address the challenges associated with traditional remittance processes, such as high fees and lengthy settlement times. This development showcases the potential of blockchain technology and its ability to revolutionize the global remittance industry, benefiting individuals and organizations alike.
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