Shinhan Bank, one of the leading banks in South Korea, announced that it has started testing stablecoin payments on an altcoin network. According to the statement, the bank will use Hedera Network’s blockchain technology for stablecoin transfers.
Traditional financial institutions want to benefit from blockchain technology, which brings significant innovations in money transfer. In today’s world, long periods and high fees are striking in cross-border payments. In particular, banks are trying to get one step ahead of the competition by reassuring their customers in this regard.
Speaking to the crypto press, bank official Byunghee Kim touched on the benefits of stablecoins:
“Fixed cryptocurrencies have a huge advantage in cross-border payments. Blockchain technology is a low-cost, fast and reliable infrastructure. I believe that with better conditions, individuals and businesses will not participate more in the financial system.”
The Hedera-based payment test that Shinhan Bank started will also benefit from the Ethereum Virtual Machine (EVM). The crypto startup said in a statement that EVM-based stablecoin issuers could participate in future pilot tests.
After the news, Hedera Network-linked altcoin HBAR gained value unlike the market today.
Hedera HBAR Price
Bitcoin (BTC) and Ethereum (ETH) fell today, while Hedera Network’s altcoin HBAR remained positive.
Hedera HBAR chart.HBAR, which has gained close to 4% since the beginning of the day, is currently testing the $0.0543 resistance. If there is a 4-hour close above the mentioned level, the upward movement may continue.
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