{"id":81921,"date":"2023-07-19T17:33:28","date_gmt":"2023-07-19T14:33:28","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=81921"},"modified":"2025-09-12T01:56:44","modified_gmt":"2025-09-11T22:56:44","slug":"shinhan-bank-and-hedera-test-cross-border-payments-via-stablecoins","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/shinhan-bank-and-hedera-test-cross-border-payments-via-stablecoins\/","title":{"rendered":"Shinhan Bank and Hedera test cross-border payments via stablecoins"},"content":{"rendered":"

South Korea’s Shinhan Bank has completed a proof of concept for using stablecoins for international money transfers. The experiments were based on the Hedera Hashgraph<\/a> network.<\/p>\n

\\\"Shinhan
Data: Twitter<\/a>.<\/figcaption><\/figure>\n

In the pilot project, SCB TechX \u2014 the technology arm of Thailand’s Siam Commercial Bank \u2014 and an unnamed financial institution in Taiwan participated.<\/p>\n

According to the statement, the partners achieved real-time settlements and the integration of foreign exchange rates (won, baht, and the New Taiwan dollar) into the test blockchain environment.<\/p>\n

The solution is compatible with EVM<\/span> networks, and the framework could later be used by any stablecoin issuers on that basis.<\/p>\n

For Shinhan Bank, the proof of concept followed on from joint experiments with South Africa’s Standard Bank. In 2021 the institutions tested the potential of ‘stablecoins’ for cross-border settlements.<\/p>\n

\n

“Stablecoins offer a cheap, fast and reliable way for international transfers that could expand access to financial services for individuals and businesses in regions with limited access,” said a Shinhan Bank spokesperson.<\/p>\n<\/blockquote>\n

In 2021 the bank invested<\/a> in the Korean consortium of digital asset custodians.<\/p>\n

In collaboration with the IT division of the LG Corporation, the institution developed a pilot blockchain platform<\/a> for the Bank of Korea’s CBDC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

South Korea’s Shinhan Bank has successfully completed a proof of concept for using stablecoins for international money transfers. Hedera Hashgraph served as the base for the experiments.<\/p>\n","protected":false},"author":1,"featured_media":81922,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1229,1365,1729,807],"class_list":["post-81921","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-banks-and-fintech","tag-hedera-hashgraph","tag-money-transfers","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81921","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=81921"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81921\/revisions"}],"predecessor-version":[{"id":81923,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/81921\/revisions\/81923"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/81922"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=81921"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=81921"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=81921"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}