SBI Holdings and Kyobo Life Insurance have completed a cross-border stablecoin pilot testing institutional transfers between Japan and South Korea. The trial used the Canton Network to move a yen-denominated stablecoin directly into a won-denominated one, without routing through US dollars.
SBI Holdings, through its subsidiary SBI Digital Practice, and Kyobo Life Insurance have completed a cross-border stablecoin pilot designed to test institutional transactions between Japan and South Korea. The proof of concept used a direct yen-to-won settlement structure that bypassed US dollars as intermediaries.
Tokyo-based SBI Digital Practice builds blockchain-based financial infrastructure for regulated institutions through the Canton Network, working on cross-border and cross-currency transaction systems including settlement, foreign exchange, tokenized securities and stablecoins. Using the Canton Network's test environment, the companies simulated the full process of transferring a yen-denominated stablecoin representation, exchanging it for a won-denominated representation and completing the settlement.
That proof of concept covered institutional fund transfers, foreign-exchange conversion and settlement, though the companies used test tokens in a blockchain test environment rather than actual funds or production stablecoins. The test was designed to address the time and cost involved in conventional international transfers, which can require multiple financial institutions and currency conversions.
Beyond settlement mechanics, the pilot examined how transaction information could be tracked and reconciled, and how Kyobo Life could securely receive and manage digital assets and related settlement funds from overseas. SBI Digital Practice and Kyobo Life said the model could eventually support more efficient cross-border transactions once the necessary regulations and infrastructure are in place.
The two companies plan to use the pilot as a basis for further cooperation in the digital-asset sector, including potential links between digital-asset exchange and asset management and the development of new financial business models.
Source: SBI Group
Trading involves risk.
Risk Disclaimer
