South Korean bank Shinhan Bank has started testing stablecoin payments on the Hedera network, The Block reported.
At this point, Shinhan Bank has completed Hedera's test for stablecoin remittance payments using distributed ledger technology.
It was stated that the purpose of this test is to eliminate the negative features such as high fees and long payment periods seen in cross-border payments.
Byunghee Kim, director of blockchain at Shinhan Bank, stated:
“Stablecoins offer a low-cost, fast and reliable way to transfer value in cross-border payments.
This can help increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities.
At this next stage, we are pleased to demonstrate how the use of Hedera's EVM-compliant technology helps eliminate middlemen, lower costs and speed up the remittance process.”
HBAR, the Hedera network's token, lived up to 5% on a daily basis. HBAR, which goes up to $ 0.0554, continues to trade at $ 0.0543 at the time of writing.
*Not investment advice.