SBI Holdings and Kyobo Life pilot stablecoin transfers between Japan and South Korea

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, according to a recent statement. SBI Digital Practice is a Tokyo-based SBI Group company focused on bringing blockchain-based financial infrastructure to regulated institutions through the Canton Network. The company also works 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 from transferring a yen-denominated stablecoin representation to exchanging it for a won-denominated representation and completing the settlement. The proof of concept covered institutional fund transfers, foreign-exchange conversion and settlement, with test tokens used in a blockchain test environment rather than actual funds or production stablecoins. The companies said the test was designed to address the time and cost involved in conventional international transfers, which can require multiple financial institutions and currency conver...