Shinhan Bank, headquartered in South Korea, announced today that it has completed the development of a proof-of-concept (PoC) based on the Hedera network, using stablecoins and focusing on international remittances, and cooperating with a large bank outside of South Korea.
use Ivy Token Service (HTS) with Ivy Consensus Service (HCS), The project aims to test the issuance and distribution of stablecoins, and is suitable for financial use cases that usually face high fees, long waits and lack of tracking functions.
Shinhan plans to mint stablecoins backed by Korean won (KRW), and cooperative banks will mint stablecoins backed by local currencies. Users will be able to purchase Korean won-based stablecoins issued by Shinhan and send them to the accounts of partner banks.
The payee will then be able to receive funds in local-denominated stablecoins and exchange them for local currency. The two banks will use Hedera Consensus Service (HCS) to track and record transactions and confirm the foreign exchange rate of each transaction.
The official is Shinhan Bank Say: “Join Ivy Council This spring, we greatly accelerated our cooperation with other global industry leaders to leverage the power of Hedera’s fast, fair, and green public distributed ledger. Cost-effective and efficient international remittance is a perfect and real financial use case built on a network that provides Hedera speed and low cost. “