HomeNewsShinhan Bank and SB Group Drive Hedera's Governance and Financial Exploration with...

Shinhan Bank and SB Group Drive Hedera’s Governance and Financial Exploration with Stablecoin Initiatives

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  • 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. 

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. 

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Isai Alexei
Isai Alexei
As a content creator, Isai Alexei holds a degree in Marketing, providing a solid foundation for the exploration of technology and finance. Isai's journey into the crypto space began during academic years, where the transformative potential of blockchain technology was initially grasped. Intrigued, Isai delved deeper, ultimately making the inaugural cryptocurrency investment in Bitcoin. Witnessing the evolution of the crypto landscape has been both exciting and educational. Ethereum, with its smart contract capabilities, stands out as Isai's favorite, reflecting a genuine enthusiasm for cutting-edge web3 technologies. Business Email: info@ethnews.com Phone: +49 160 92211628