Japanese-Korean Stablecoin Pilot Aims to Simplify Cross-Border Transactions
SBI Holdings and its subsidiary SBI Digital Practice have completed a pilot project to test stablecoin transfers between Japan and South Korea. The project, conducted in collaboration with Kyobo Life Insurance, aimed to streamline cross-border transactions by utilizing blockchain technology.
The pilot used the Canton Network's test environment to simulate the process of transferring yen-denominated stablecoins for won-denominated representations and completing settlement. Test tokens were used instead of actual funds or production stablecoins.
The proof-of-concept addressed the time and cost involved in conventional international transfers, which can require multiple financial institutions and currency conversions. The project also examined how transaction information could be tracked and reconciled.
SBI Digital Practice and Kyobo Life plan to use the pilot as a basis for further cooperation in the digital-asset sector, including potential links between digital-asset exchange and asset management.