Today Korea’s Shinhan Bank and Siam Commercial Bank’s SCB Tech X said they completed a proof of concept (PoC) to use stablecoins on the Hedera public DLT. A major Taiwanese financial institution also participated, enabling cross border remittances and real time foreign exchange (FX) in Thai Baht, Korean Won and the New Taiwan dollar.
For Shinhan this is the second Hedera DLT trial, as it previously conducted one in conjunction with South Africa’s Standard Bank. Both of the banks are on the Hedera governing council.
“Stablecoins offer a low-cost, fast, and reliable way to transfer value across borders, which can help to increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities,” said Byunghee Kim, who leads blockchain at Shinhan Bank. “With this next phase of PoC, we are pleased to have demonstrated how the use of Hedera’s EVM-compatible technology helps eliminate intermediaries, reduce costs, and speed up the remittance process.”
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