- The pilot demonstrated the Hedera EVM’s capability, suggesting its readiness for broader adoption by financial institutions.
- HBAR token value decreased by 13.66% in the last 24 hours, with ongoing declines over weeks and months.
The HBAR Foundation has shared details about how Shinhan Bank and Standard Bank Group have effectively utilized the Hedera network for their stablecoin pilot projects.
Multiple financial institutions are a part of the @Hedera Governing Council – running nodes, governing the network, and exploring or developing use cases 🏦
Of these – Shinhan Bank and @SBGroup have leveraged the network for stablecoin pilots 🧵 pic.twitter.com/0ERRHHnVOd
— HBAR Foundation (@HBAR_foundation) April 11, 2024
As active participants in the Hedera Governing Council, these institutions have employed Hedera Token Service and Hedera Smart Contract Service to create stablecoins.
The pilot focused on achieving real-time settlements and integrating real-time foreign exchange rates for several currencies, including the Thai Baht, the New Taiwan Dollar, and the South Korean won.
Related: Ripple, Hedera, SWIFT, FedNow: A Clash of Titans in the Trillion-Dollar Finance Realm
The success of the pilot project is evident as it has shown that the Hedera EVM (Ethereum Virtual Machine) platform can support such innovations, which may encourage further participation from other financial institutions.
Despite the technical success of the pilot, community reactions have been mixed. Some members noted that the information presented had been previously discussed, while others praised the development, reflecting a heightened interest in the HBAR token.
Financially, the HBAR token has seen a decrease in value, down 13.66% in the last 24 hours to $0.0859, and showing declines of 17.85%.
Read more: Hedera Partners with UKCBC: Contributing to Web3 Innovation and Growth
Additionally, the HBAR Foundation has announced a grant to support the Hashport Network, aiming to enhance Hedera’s capabilities in bridging and interoperability solutions.
