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Shinhan Bank completes KRW-backed stablecoin PoC built on Hedera » CryptoNinjas

South Korean-based Shinhan Bank, at this time introduced that it has accomplished the event of a Proof-of-Concept (PoC) built on the Hedera community, leveraging stablecoins and targeted on worldwide remittances, with a megabank outdoors of Korea.

Utilizing the Hedera Token Service (HTS) and Hedera Consensus Service (HCS), the mission goals to check the issuance and distribution of stablecoins, utilized to a monetary use case that usually suffers from excessive charges, lengthy waits, and the absence of a monitoring characteristic.

Shinhan plans to mint South Korean Won (KRW)-backed stablecoins and the partnering financial institution will mint stablecoins backed by their native forex. Users will have the ability to purchase KRW-based stablecoin that Shinhan points, and ship them to an account on the associate financial institution.

The recipient will then have the ability to obtain the funds in a domestically denominated stablecoin and trade it for the native forex. The two banks will use the Hedera Consensus Service (HCS) each to trace and report transactions and ensure the international trade charge on the time of every transaction.

Officials at Shinhan Bank stated, “Joining the Hedera Governing Council this spring has allowed us to significantly accelerate our engagement with other global industry leaders to leverage the power of Hedera’s fast, fair, green public distributed ledger. Cost-effective, efficient international remittance is the perfect, real-world financial use case to build on a network that provides Hedera’s speed and low cost.”

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