SBI and Kyobo complete yen-won stablecoin pilot
SBI Holdings, via its subsidiary SBI Digital Practice, and Kyobo Life Insurance completed a cross-border stablecoin proof of concept that simulated institutional transfers between Japan and South Korea on the Canton Network test environment. The trial moved a yen-denominated stablecoin representation into a won-denominated representation and completed settlement using test tokens rather than real funds, and it included a direct yen-to-won settlement path that bypassed U.S. dollar intermediaries. The pilot assessed foreign-exchange conversion, settlement, transaction tracking, and secure receipt and management, and could enable more efficient cross-border transactions if regulations and infrastructure are established.
Direct yen-to-won settlement was simulated without U.S. dollar intermediaries.
Context
Two companies ran a blockchain pilot to test cross-border stablecoin settlement. They simulated converting a yen token to a won token and settling on a test network. If the necessary regulations and infrastructure are ready, they may…
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