HBAR Foundation shares how Shinhan Bank and SB Group used the network

HBAR Foundation has shared insights about how Shinhan Bank and Standard Bank Group leveraged their capabilities to drive the pilots of stablecoin. The Foundation is majorly known for hosting the Hedera Governing Council. The Council’s core functions include network governance, node operations, use case exploration, and development.

Shinhan Bank and Standard Group Bank stand out on the list because they have leveraged the network to boost stablecoins pilots.

Shinhan Bank and Cathay Bank combined the elements of Hedera Token Service and Hedera Smart Contract Service, utilizing the Stablecoin Studio to create their stablecoins. The program, in its pilot version, has achieved the desired result. For starters, it has registered real-time settlement and real-time FX rate integration across select currencies. This includes the Thai Baht, the New Taiwan Dollar, and the South Korean won.

While the findings were obtained in the pilot version, they have been described as essential in the test environment. They align with production capabilities, implying that a full-scale implementation is only a few months away.

What works best is the fact that the pilot version utilized Hedera EVM. That paves the way for other stablecoins that are based on EVM to come forward and put the framework to use. Issuers and financial institutions are more likely to participate.

The community has shown mixed reactions to the announcement. Some members have said that this was brought to the floor several months ago and lacks any new information. Others have applauded the move, saying the community is now on fire. This reflects on the value at which the HBAR token is listed on the trading board.

The move by HBAR Foundation about the use of Hedera has taken the crypto to $0.09906, down by 2.66% in the last 24 hours but up by 55.96% in comparison to the previous year. HBAR continues to fall according to recent trends. The value at which it is exchanging hands is down by 2.61% and 22.88% in the last seven days and 30 days, respectively. The market cap plummeted by 2.66%, with the slip extending to the 24-hour volume by 21.01% at the time of writing this article.

It comes just days after the HBAR Foundation announced its desire to fund a communal DAO. It is founded on the assumption that the community will benefit from a broad, long-term growth strategy. It builds on the ecosystem’s aims of filling gaps in consumer interaction, the crypto economy, and the sustainability and climate markets.

Moving forward, HBAR Foundation is aiming to facilitate open discussions so that members of the community can brainstorm and find a way to a better future.

HBAR Foundation announced extending support to Hashport Network with the 4th grant in a move to back Hedera bridging and interoperability solutions.

David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies.

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