On July 18th, Shinhan Bank, SCB TechX (Siam Commercial Bank’s technology innovation unit), and a major financial institution in Taiwan announced the successful completion of a stablecoin remittance proof-of-concept (PoC) pilot.
Byunghee Kim stated, “The successful completion of this second PoC marks an important step forward in our efforts to make cross-border payments faster, cheaper, and more accessible to people around the world,”
The pilot utilized the eco-friendly Hedera open-source public network to achieve real-time settlement and integrate foreign exchange rates for the Thai Baht (THB), New Taiwan dollar (NTD), and South Korean won (KRW).
This milestone showcases the potential of stablecoins in enabling faster, more affordable, and inclusive cross-border payments. CEO Trirat Suwanprateeb emphasized that “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.”
The financial industry continues to explore blockchain and distributed ledger technology to revolutionize cross-border payment solutions.
Also Read: Hedera Collaborates with Shinhan Bank on KRW Stablecoin Pilot
