Banks Race to Adapt as Stablecoin Demand Spikes Across Global Markets
Swift, the global financial messaging network, is testing its 24/7 ledger to support the growing use of stablecoins. The move aims to adapt to the increasing demand for real-time cross-border payments. Ripple News reported on a partnership between Jeonbuk Bank and Ripple, which enables faster cross-border transfers in South Korea.
The system allows for real-time settlement, making it possible for businesses to conduct seamless transactions 24/7. This development is part of the efforts by banks to adapt to the rising popularity of stablecoins. Stablecoins are cryptocurrencies pegged to the value of a traditional currency, reducing volatility and increasing efficiency in cross-border payments.
Meanwhile, Mastercard and Borderless.xyz are testing shared identity checks for Crypto Credential, aiming to improve trust and compliance in cross-border stablecoin payments. Yellow Card secured $40 million in funding to expand its bank-stablecoin infrastructure, bringing its total accumulated capital to over $120 million. Western Union launched a Solana-powered stablecoin card across 37 markets, allowing payments at any global establishment enabled with the USDPT token.