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In a significant development, Hedera, an open-source public network, has <a href="https://hedera.com/blog/shinhan-bank-scb-techx-successfully-pilot-stablecoin-remittances-on-the-hedera-network" rel="noopener noreferrer nofollow">completed</a> a successful stablecoin remittance proof-of-concept (PoC) pilot. The pilot was a collaboration between Shinhan Bank, South Korea&#39;s first modern bank, <a href="https://cryptotale.org/scbx-pulls-out-of-500-million-deal-to-acquire-crypto-exchange-bitkub/" rel="noopener noreferrer nofollow">SCB TechX</a>, a technology innovation unit of Siam Commercial Bank, and a leading Taiwanese financial institution.The pilot achieved real-time settlement and foreign exchange rate integration across the Thai Baht, New Taiwan dollar, and South Korean won, marking a significant stride in the quest for efficient, low-cost, cross-border payments. This PoC is a continuation of Shinhan Bank&#39;s <a href="https://www.fintechfutures.com/2021/12/shinhan-bank-readies-stablecoin-remittance-poc-on-hedera-network/" rel="noopener noreferrer nofollow">previous work</a> that started in 2021 when it partnered with Standard Bank on stablecoin international remittances. The success of the second pilot marks a significant milestone in the quest for efficient, low-cost, cross-border payments.Byunghee Kim, Chief of the Blockchain division at Shinhan Bank, expressed his satisfaction with the partnership with Hedera, stating:&#34;We are pleased to have partnered with Hedera to explore the potential of stablecoins as a means of facilitating cross-border remittances. 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.&#34;Read full article at<a href="https://cryptotale.org/shinhan-scb-techx-and-hedera-achieve-real-time-settlement-in-stablecoin-remittance/" rel="noopener noreferrer nofollow"> CryptoTale.</a>

Shinhan, SCB TechX, and Hedera Achieve Real-Time Settlement in Stablecoin Remittance

CryptoTale

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