South Korea's Shinhan Bank completed a feasibility test for stablecoin remittance payments using Hedera's distributed ledger technology.
, EVM-based stablecoin issuers will be able to participate in future pilots using the same tested framework.
“With this next phase, 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," Byunghee Kim added.. Cross-border transfers between countries with limited liquidity and network connections often incur high intermediary fees. These transactions can also take three to seven days to process, with no transaction visibility for customers.
Shinhan Bank claims its stablecoin solution offers individuals and organizations the ability to send and receive funds denominated in a local stablecoin at significantly lower fees than the traditional remittance process."The successful completion marks an important step forward in our efforts to make cross-border payments faster, cheaper, and more accessible to people around the world,"© 2023 The Block Crypto, Inc. All Rights Reserved.
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