Shinhan Bank, a South Korean banking titan, completed a successful test for stablecoin remittances on Hedera’s network, allowing real-time, instantaneous settlement and foreign exchange rate integration across three currencies. This process decreases complexities and cost for cross-currency transactions, offering a solution to high intermediary bank charges in current financial structures, especially with cross-border transfers.
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South Korea’s STO Market Boom: What Lies Ahead for Banks and Investors by 2030
South Korea’s security token offerings (STO) market could reach $287 billion by 2030, with major banks preparing to enter this growing market. Recent government policy announcements regarding STO regulations have prompted a positive response from the banking sector, resulting in rapid market growth and the formation of an STO alliance among major banks.
South Korean Banks Join STO Consortium: Exploring the Tokenized Securities Ecosystem
Major South Korean lenders such as Hana Bank, Shinhan Bank, and Woori Bank have joined a bank consortium focused on security token offerings (STOs) established by Seoul-based NongHyup. The consortium aims to create a tokenized securities ecosystem, where primarily companies can issue tradable corporate bonds as security tokens while addressing regulatory challenges. South Korea’s STO market is projected to reach 34 trillion won ($26.6 billion) by 2024, signifying the nation’s commitment to a digital future.
South Korea’s Stablecoin Feasibility Test, US Crypto Mining Firm Lawsuit, and the NEAR Foundation’s Green Pledge
Shinhan Bank in South Korea successfully carried out a feasibility test for stablecoin remittance payments using Hedera’s distributed ledger technology. Meanwhile, US crypto mining firm Marathon Digital faces legal action for alleged regulatory infringements. Cronos partners with gaming giant Ubisoft, while the NEAR Foundation pledges commitment to the Ethereum Climate Platform. Also, crypto exchange Bitget reports strong growth and Crucible offers a blockchain-based SDK for game developers.
Hedera Hashgraph HBAR: A Micropayment Powerhouse Attracting Market Attention or a Fleeting Trend?
“Hedera Hashgraph’s HBAR token sees over 15% surge following the inclusion of Dropp, a Hedera-based micropayments platform, on the FedNow. HBAR’s unique use of hashgraph consensus permits over 10k transactions every second. Its growth also aligns with a 288% jump in daily active accounts and a notable spike driven by non-fungible tokens (NFTs).”
Cryptosphere Weekly Roundup: Market Fluctuations, Sec Regulations, and Wallet Safety
“In a tumultuous week for the cryptosphere, signs of a five-quarter drop in crypto investment emerged, yet developments like Neon EVM’s unique offering to build Ethereum applications on Solana, showed promise. Amidst market fluctuations, regulatory pressures and unique crypto innovations, this sector’s dynamics continue to surprise, underscoring the importance of wallet safety in navigating the digital ocean.”