Shinhan Bank continues stablecoin remittance project begun in 2021.
South Korea’s Shinhan Bank has completed its second proof-of-concept using stablecoins for international remittances. Siam Commercial Bank’s SCB TechX unit and an unnamed Taiwanese financial institution also participated in the project.
The project carried out real-time settlement and foreign exchange integration with the banks’ national currencies on the Hedera network. The project was compatible with the Ethereum Virtual Machine , opening it up to use by a host of other stablecoins.project in November 2021 in conjunction with South Africa’s Standard Bank, although that bank’s identity was also not immediately disclosed.
Shinhan Bank explained at the time that it minted a pool of South Korean won-backed stablecoins, and the partnering bank minted a stablecoin in its local currency. A user was able to buy Shinhan-minted stablecoins and send them to an account at the partner bank. That bank provided the funds in the locally denominated stablecoin, which the user could then exchange.
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