Shinhan Bank, one of the oldest banks in South Korea, has announced the successful completion of a stablecoin remittance test on Hedera’s open-source public network. This trial was carried out in collaboration with Siam Commercial Bank’s technology innovation business unit (SCB TechX), Taiwan’s largest financial institution, and other financial companies.
Shinhan Bank Concludes Second Stablecoin Pilot
On Tuesday, Shinhan Bank, SCB TechX, and other financial institutions disclosed that the proof-of-concept (PoC) test for stablecoin remittance payments was successful. This trial comes as a follow-up effort by Shinhan Bank after their initial partnership with Standard Bank on stablecoin international remittances in 2021.
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This PoC pilot, executed using Hedera’s distributed ledger technology (DLT), was aimed at addressing cross-border payment issues, such as high fees, prolonged settlement times
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