Shinhan Bank, SCB TechX, complete second stablecoin trial

Shinhan Bank, SCB TechX, complete second stablecoin trial

Time Stamp: July 18, 2023 7:32 AM
Source Node: 2175698

Shinhan Bank, the second largest bank in South Korea, and SCB TechX, the technology unit of the oldest bank in Thailand, Siam Commercial Bank, announced on Tuesday the completion of their second stablecoin transaction trial on Hedera, a public distributed ledger network. 

See related article: Singapore’s Project Ubin+ to study cross-border FX with CBDCs

Fast facts

  • The pilot achieved real-time settlement and real-time foreign exchange rate integration across the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW), Hedera said in a statement on Tuesday.
  • The proof of concept tested by Shinhan and SCB TechX is Ethereum Virtual Machine-compatible, which can theoretically enable participation from other EVM-based stablecoins, which includes the world’s largest stablecoins USDT and USDC.
  • “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, chief of Shinhan’s blockchain division.
  • Elsewhere in Asia-Pacific, Singapore-based StraitsX, a digital asset payments infrastructure, partnered with Mastercard, IDEMIA, The HBAR Foundation, and Carbonseed last year.Earth to explore advantages of stablecoins. 
  • Australian blockchain fintech startup Ettle Pty Ltd. launched Australian dollar-pegged stablecoin AUDE and completed its first transaction in November last year. Australia’s ANZ Banking Group introduced its Australian dollar-pegged stablecoin, A$DC, and completed its first transaction in March last year.

See related article: India’s Decimal Point Analytics gets US$750,000 grant funding to develop tokenization solutions

Time Stamp:

More from Forkast