Three currencies
The pilot test was conducted to assess the feasibility and functionality of a system involving real-time settlement and real-time foreign exchange (FX) rate integration. The test was successful in implementing these capabilities for three currencies: the Thai Baht (THB), the New Taiwan dollar (NTD), and the South Korean won (KRW). Since the PoC is compatible with the Ethereum Virtual Machine (EVM), EVM-based stablecoins should be able to join the PoC framework without significant modifications.
More efficient and affordable
These banks expect that this stablecoin solution will allow individuals and organizations to conduct transactions in locally denominated stablecoins, benefiting from remarkably low fees.
Kim Byung-hee, Chief of the Blockchain Division at Shinhan Bank, said, “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.”
SCB TechX’s CEO Trirat Suwanprateeb echoed this sentiment, stating that this endeavor can help “increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities.”