The partnership between Shinhan Bank, SB Group, and Hedera through the Governing Council is driving forward the application of blockchain in stablecoin pilots.
Utilization of Hedera’s comprehensive services, including HTS, HSCS, and EVM, demonstrates a robust framework for the future of financial technologies.
The HBAR Foundation is propelling the Hedera ecosystem into the forefront of financial innovation. Key institutions like Shinhan Bank and Standard Bank Group are not only participating but actively leading the way through pilot programs focused on stablecoins.
As highlighted in a CNF YouTube video, these banks are harnessing the potential of stablecoins to revolutionize financial transactions.
Notable among these efforts are the pilots conducted by Shinhan Bank and Cathay Bank, which have showcased real-time settlements and integrated foreign exchange rates via Hedera’s services. This initiative marks significant advancement in employing digital currencies for streamlined and secure international financial operations.
In a series of recent tweets, the HBAR Foundation announced significant progress in blockchain-based financial solutions involving multiple financial institutions as part of the Hedera Governing Council. These developments underscore the commitment to integrating blockchain technology into traditional financial systems, fostering innovation and operational efficiency. Here are five key points from the announcement:
The HBAR Foundation has highlighted the involvement of multiple financial institutions in the Hedera Governing Council, focusing on blockchain innovations like node operations and use case development.
Shinhan Bank and Standard Bank Group are actively participating in stablecoin pilots utilizing the Hedera network.
These pilot projects employ the Hedera Token Service (HTS) and the Hedera Smart Contract Service (HSCS) to create proprietary stablecoins.
The pilots have demonstrated capabilities such as real-time settlement and integration of real-time foreign exchange rates with the Thai Baht, New Taiwan Dollar, and South Korean Won, in a test environment that mirrors actual production environments.
Utilization of the Hedera Ethereum Virtual Machine (EVM) enables broader participation from EVM-based stablecoin issuers and financial institutions, indicating a scalable and adaptable framework for future financial technologies.
However, recent developments contrast with earlier reports from CNF, which suggested a significant uptick in Hedera (HBAR) prices, sparking speculation of reaching $1 in 2024 due to a 32% surge. At the time of writing, Hedera (HBAR) is trading at $0.09921, having decreased by 2.11% in the past day and 2.28% over the past week.
