Japan-South Korea Cross-Border Stablecoin Network Launched with Canton
SBI Group and Nodeinfra are working together to create a cross-border payment network between Japan and South Korea using Canton Network infrastructure. The project, called Musubi, aims to reduce the need for intermediaries in currency exchanges, which can introduce additional friction and risk.
The initial testing phase will use test tokens denominated in yen and won, rather than live commercial stablecoins. Once the legal frameworks in each market allow it, SBI and Nodeinfra plan to move towards regulated stablecoins.
Musubi's architecture includes atomic payment-versus-payment settlement, distributed peer netting, and member self-governance. This will enable both sides of a transaction to complete simultaneously, reducing the risk that one party delivers funds while the other side fails.