On the 10th, Kbank announced that it would participate in the Pax Project, a PoC project for overseas remittances using stable coins.
Stablecoins are digital assets whose value is pegged to fiat currencies such as the dollar or real assets such as gold, minimizing price volatility. For example,
There are Tether (USDT) and USD Coin (USDC). The Pax Project, which is being promoted in Japan where stable coins have been legalized, is a next-generation global cryptocurrency that utilizes digital assets.
It is an international cooperation project to build a stable remittance and settlement system. Major banks from various countries will cooperate to verify the practicality of stable coins in areas such as overseas remittances, currency exchange, and overseas payment settlements.
The goal is to see how fast and efficient Bitcoin can revolutionize the current complicated international remittance procedures. The area in which Kbank will participate is "international remittance linking the Japanese and Korean banking systems."
The project is a "Kin PoC" that will examine whether overseas trade remittances using won-denominated stable coins can be smoothly implemented in a real financial environment by linking the banking systems of Japan and Korea.
The program will run for about three months until May and will involve participation from Korean banks, Korea Digital Asset Trust (KDAC), FairSquare Wrap, and others.
Companies participating in this project will be conducting research on the effectiveness of issuing won-denominated stable coins and sending them overseas.
A Kbank official said, "By participating in the PoC for overseas remittances using stable coins, we will be able to develop a stable coin model that suits the domestic situation.
We plan to confirm the usefulness of the stablecoin and explore various ways to utilize it if it is enacted into law in the future."
2025/04/10 19:24 KST
Copyright(C) BlockchainToday wowkorea.jp 99