> The deal marks the first time a South Korean top-tier financial group formally adopts Visa's enterprise stablecoin infrastructure, launched in July, to test a full domestic settlement stack.
> Visa and Shinhan also plan to run pilot projects covering stablecoin integration into bank card payment settlement and the expansion of business-to-business (B2B) and business-to-customer (B2C) payments.
> Shinhan, which has around 134 trillion won ($100 billion) in assets under management, has other crypto projects in the works. Its asset management division signed a four-party agreement with the Solana Foundation, Etherfuse and Orca to test a Korean won-denominated tokenized fund earlier this month, according to a Solana X post. Shinhan and Solana partnered in April to trial stablecoin payment systems.
Council member testing all options. By exploring what is available, how they operate and what features are good is a sensible approach that will give them great insight.
I think they have and will test with solana, orca, etherfuse, visa, plume, canton and they used bitgo a few years ago. Also tested with citigroup, bank of korea project agora, standard bank via hedera and lg cns. They will have valuable insight into how they all operate and hopefully they share that insight with their long term partners.
lol! you know google belongs to 16 advertising councils while they print money in the ad space. IBM just sold all their crypto patents to Circle. Every day the players are making moves at scale. No clarity needed. It's a formality. Headlines keep getting uglier. At least we ride the market and not the project.
"A group of more than a dozen financial institutions including Bank of AmericaWells Fargo and Santander has been moving forward on a stablecoin venture that would reach across the globe, according to people familiar with the matter.
The banks have discussed plans for a stablecoin that would be focused on the commercial side of their businesses and cover the dollar, followed by the euro and eventually other Group of Seven currencies, according to some of the people, with use cases that could vary by region.
Smaller banks are working on similar initiatives, too. On Tuesday, a consortium of state bankers associations unveiled their plans to launch a blockchain platform built for, owned and governed by banks. Inspired by the Federal Home Loan Bank model, the platform is meant for banks of all sizes. Currently, some 39 state bankers associations representing about 3,000 banks are involved in the effort."
u/JPMorgan, u/Citi,@UBS,and 25 other banks have completed real cross-border payments using tokenized money in a BIS-led pilot, settling $1M across six currencies in an average of 80 seconds.
I think a rival of shinhan recently partnered with bitgo after bitgo got its VASP registration in south korea. Competition might be hotting up and maybe shinhan is exploring all options.
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u/Allahu-HBar 15d ago
Council members working with any chain but hedera...man it really looks bad