Korea-Japan stablecoin remittance trial succesfully concludes 1st phase

Korean participants in Project Pax said Tuesday that they had successfully completed the first phase of technical verification for a cross-border stablecoin remittance initiative between Korea and Japan. On the Korean side, participants included major banks such as Shinhan Bank, Kbank and NH NongHyup Bank, alongside Web3 companies including Fair Square Lab and Korea Digital Asset Custody. The Japanese side was represented by Shoko Chukin Bank and fintech firms such as Progmat and Datachain. The organizations held a project completion briefing in Tokyo on Sept. 10 to share the outcomes of the initiative. The verification process involved converting Korean won into a Korean won-pegged stablecoin domestically, transferring it via blockchain infrastructure, and then converting it into Japanese yen upon arrival. The stablecoin was applied only to the cross-border segment of the remittance, while the existing domestic banking network was retained. Kbank reported that the stablecoin-based transactions were processed faster and at a lower cost compared to traditional international remittance sysWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times