SBI and Kyobo Test Direct Yen-Won Settlement on Canton Blockchain
SBI Digital Practice and Kyobo Life have successfully completed a cross-border pilot that directly converted yen-linked test tokens into won-linked tokens. The trial examined whether stablecoin infrastructure could reduce delays, conversion steps, and costs in institutional transfers.
The test moved value from Japan to South Korea without using dollars, which is typically the case for international transactions between the two countries. Instead, the companies used the Canton Network, a public blockchain designed for regulated financial institutions, to process the exchange and settlement.
The pilot confirmed the technical feasibility of shorter processing times, lower intermediary conversion costs, and real-time transaction tracking. The companies plan further work involving investment and tokenized assets.