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  <p class="is-style-lead">Hedera Network (HBAR) has been adopted by Shinhan Bank and Siam Commercial Bank for a distributed ledger technology-powered stablecoin remittance solution.</p> 
  <h2 class="wp-block-heading" id="hedera-shinhan-bank-and-scb-join-forces">Hedera, Shinhan Bank, and SCB join forces&nbsp;</h2> 
  <p>South Korea’s <a href="https://crypto.news/korea-shinhan-bank-digital-won-cbdc-pilot/" rel="noopener noreferrer nofollow">Shinhan Bank</a> and Siam Commercial Bank’s tech innovation business arm (SCB TechX) have announced the successful completion of a <a href="https://crypto.news/circle-eyes-stablecoin-launch-in-japan-as-new-policies-take-effect/" rel="noopener noreferrer nofollow">stablecoin</a> remittance solution proof-of-concept on Hedera.&nbsp;</p> 
  <p>The Hedera team said it had been able to achieve fast settlement and real-time foreign exchange rate integration across three fiat currencies: the Thai Baht (THB), the New Taiwan dollar (NTD), and the South Korean won (KRW).</p> 
  <p>The team claims the proof-of-concept (PoC) is Ethereum Virtual Machine (<a href="https://crypto.news/glossary/ethereum-virtual-machine-evm/" rel="noopener noreferrer nofollow">EVM</a>) compatible, making it possible for EVM-based stablecoin issuers to use the framework on completion. The latest PoC is the second phase of the blockchain-based cross-border payments pilot project started in 2021 by Shinhan Bank.</p> 
  <p> You might also like: <a href=" https://crypto.news/hedera-temporarily-disables-network-services-after-exploit/" rel="noopener noreferrer nofollow"> Hedera temporarily disables network services after exploit </a> </p> 
  <h2 class="wp-block-heading" id="cross-border-payments">Cross-border payments</h2> 
  <p>While blockchain technology has continued to find use cases across various sectors of the global economy, cross-border payments and remittances have been one of the most popular verticals.</p> 
  <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"> 
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     <p lang="en" dir="ltr">1/ In a continuation of their work on <a href="https://twitter.com/hashtag/DLT?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#DLT</a>-enabled cross-border remittances, <a href="https://twitter.com/ShinhanBankENG?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">@ShinhanBankENG</a> – in collaboration with SCB TechX &amp; other financial institutions – has today announced the successful completion of a <a href="https://twitter.com/hashtag/stablecoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#stablecoin</a> remittances PoC pilot on <a href="https://twitter.com/hashtag/Hedera?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">#Hedera</a>.<a href="https://t.co/OUAxOfU2U4" target="_blank" rel="noopener noreferrer nofollow">https://t.co/OUAxOfU2U4</a></p>— Hedera (@hedera) <a href="https://twitter.com/hedera/status/1681169052423667713?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 18, 2023</a> 
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  <p>Though Ripple (<a href="https://crypto.news/price/xrp/" rel="noopener noreferrer nofollow">XRP</a>), which recently secured a partial victory in its longstanding legal battle with regulators in the United States, occupies the frontline when it comes to lightning fast cross border payments, Shinhan Bank firmly believes its latest PoC shows stablecoins have the potential to facilitate fast and cheap cross-border payments and remittances.</p> 
  <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"> 
   <div class="wp-block-embed__wrapper"> <iframe loading="lazy" title="Expect Stablecoin Regulation by End of Year: Stellar CEO" width="1020" height="574" src="https://www.youtube.com/embed/Rg5FJu4-ka8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe> 
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  <p>Stablecoins have come under increased scrutiny since the crash of Do Kwon’s algorithmic Terra stablecoin last year. However, that has not deterred crypto platforms from rolling out new stablecoin products.</p> 
  <p>Earlier in January, Cardano (<a href="https://crypto.news/price/cardano/" rel="noopener noreferrer nofollow">ADA</a>) developers <a href="https://crypto.news/ada-backed-stablecoin-djed-launched-on-cardano/" rel="noopener noreferrer nofollow">launched</a> an ADA-backed algorithmic stablecoin called Djed. The stablecoin has <a href="https://crypto.news/cardanos-djed-stablecoin-faces-unminting-and-depegging-challenges-amid-reserve-ratio-decline/" rel="noopener noreferrer nofollow">failed</a> to gain significant traction amidst a declining reserve ratio and depegging risks.</p> 
  <p>As crypto.news previously <a href="https://crypto.news/aave-deploys-dai-stablecoin-competitor-on-ethereum/" rel="noopener noreferrer nofollow">reported</a>, Aave (<a href="https://crypto.news/price/aave/" rel="noopener noreferrer nofollow">AAVE</a>), a decentralized finance (defi) platform, launched its algorithmic stablecoin dubbed GHO on Ethereum (<a href="https://crypto.news/price/ethereum/" rel="noopener noreferrer nofollow">ETH</a>).&nbsp;</p> 
  <p> Read more: <a href=" https://crypto.news/stablecoin-issuers-in-europe-advised-to-start-complying-before-2024/" rel="noopener noreferrer nofollow"> Stablecoin issuers in Europe advised to start complying by 2024 </a> </p>
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Hedera (HBAR) tapped by Shinhan Bank for stablecoin remittance solution

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