Suhyup Bank Completes Stablecoin PoC for Deposit and Lending Operations... "Will Provide Innovative Financial Experiences"

Stablecoin-Based International Remittance Process Also Tested

Sh Suhyup Bank said on October 20 that it had completed a proof of concept (PoC) for stablecoins in banking deposit and lending operations in collaboration with ATON Co., Ltd., a fintech security company.

Suhyup Bank said the PoC confirmed that stablecoins could be used across a wider range of financial services, including deposit and lending operations, beyond their previous use primarily for payments and remittances.

The PoC also confirmed that stablecoins could be used to process deposit operations, including opening installment savings accounts, making additional deposits and terminating accounts early. In particular, it also examined lending operations involving stablecoin-backed loans, including applications, disbursements, repayments and liquidations.

The bank also tested an international remittance process in which a won-denominated stablecoin is converted into a dollar-based stablecoin and transferred to an overseas wallet.

Suhyup Bank said it plans to actively pursue the development of stablecoin-based financial products and identify new business opportunities, and will closely monitor regulatory developments from financial authorities.

Bank President Shin Hakgi said, "This proof of concept confirmed the limitless potential uses of won-denominated stablecoins. Suhyup Bank has also recently established a foundation for cooperation in the digital asset infrastructure sector, and we will step up our efforts to provide innovative financial experiences using digital asset technology."

This content was produced with the assistance of AI translation services.