A new proof-of-concept will be tested to send fiat-backed stablecoins between banks to reduce fees and transaction times on international payments.
South Korea’s Shinhan Bank and Hedera Hashgraph (HBAR) have completed a proof of concept that is designed to conduct international remittances using stablecoins on the Hedera Network.The new proof of concept by South Korea’s Shinhan Bank for remittances can send money internationally within seconds for a fraction of a cent on the Hedera Network.Hedera claims that the average fee per transaction on its network is $0.0001, and the average transaction time is 3-5 seconds, both vast improvements from what is currently available from traditional remittances.In a Nov. 29 announcement, Hedera stated that it aims to determine whether it is possible to issue and distribute stablecoins for financial use cases with lower fees and shorter completion times than existing systems, while also
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