- Shinhan Bank and SCB Tech X pilot stablecoin integration on Hedera DLT, driving financial inclusion.
- Hedera’s EVM-compatible tech reduces costs and expedites remittances for Shinhan Bank.
- The bullish surge in the Hedera market as stablecoin adoption grows records a 30-day high.
Korea’s Shinhan Bank and SCB Tech X, part of Siam Commercial Bank, have carried out a proof of concept (PoC). The PoC centers around using stablecoins on Hedera’s public Distributed Ledger Technology (DLT).
Byunghee Kim, the head of blockchain at Shinhan Bank, lauds the immense potential of stablecoins in his recent statement, stating: “Stablecoins provide a cost-effective, swift, and dependable method for transnational value transfer, propelling financial inclusion and enhancing financial services accessibility for underserved individuals and businesses.”
Kim highlights the advantages of Hedera’s Ethereum Virtual Machine (EVM)-compatible technology, which streamlines processes by eliminating intermediaries, thereby reducing costs and expediting remittances. This cutting-edge technology forms the bedrock of Hedera’s smart contract capabilities, ensuring seamless compatibility with…
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