Japan-South Korea Stablecoin Network in the Works
SBI Digital Practice and Nodeinfra are teaming up to launch a cross-border stablecoin payment network between Japan and South Korea, using Canton Network infrastructure. The project, called Project Musubi, aims to address the current use of the US dollar as an intermediary in some Japan-Korea settlements.
The initial testing phase will use yen-denominated and won-denominated test tokens rather than live commercial stablecoins. SBI Digital Practice will connect Japanese financial institutions, while Nodeinfra builds settlement protocols and tooling. The partners plan to move toward regulated stablecoins when the legal frameworks in each market allow it.
Project Musubi is designed to settle both sides of a currency exchange simultaneously on Canton, reducing the risk of one party delivering funds while the other side fails. The project's architecture includes atomic payment-versus-payment settlement and distributed peer netting.