Shinhan Bank to Conduct Stablecoin International Remittance… | Hedera Hedera Network Services Token Service Mint and configure tokens and accounts. Consensus Service Verifiable timestamps and ordering of events. Smart Contracts Run Solidity smart contracts. HBAR The Hedera network's native cryptocurrency. Insights How It Works Learn about Hedera from end to end. Explorers View live and historical data on Hedera. Dashboards Analyze network activity and metrics. Network Nodes Understand networks and node types. Devs Start Building Get Started Learn core concepts and build the future. Documentation Review the API and build using your favorite language. Developer Resources Integrations Plugins and microservices for Hedera. Fee Estimator Understand and estimate transaction costs. Open Source Hedera is committed to open, transparent code. Learning Center Learn about web3 and blockchain technologies. Grants Grants & accelerators for your project. Bounties Find bugs. Submit a report. Earn rewards. Ecosystem ECOSYSTEM Hedera Ecosystem Applications, developer tools, network explorers, and more. NFT Ecosystem Metrics Analyze on-chain and market NFT ecosystem metrics. CATEGORIES Web3 Applications Connect into the innovative startups decentralizing the web on Hedera. Enterprise Applications Learn about the Fortune 500 companies decentralizing the web on Hedera. Wallets & Custodians Create a Hedera account to manage HBAR, fungible tokens, and NFTs. Network Explorers Hedera mainnet and testnet graphical network explorers. Developer Tooling Third-party APIs, integrations, and plugins to build apps on Hedera. Grants & Accelerators Boost your project with support from the Hedera ecosystem. Partner Program Explore our partners to bring your vision into reality. Hedera Council Over 30 highly diversified organizations govern Hedera. Use Cases Hedera Solutions Asset Tokenization Studio Open source toolkit for tokenizing assets securely. Stablecoin Studio All-in-one toolkit for stablecoin solutions. Hedera Guardian Auditable carbon markets and traceability. Functional Use Cases Data Integrity & AI Reliable, secure, and ethically governed insights. Sustainability Enabling fair carbon markets with trust. Real-World Asset Tokenization Seamless tokenization of real-world assets and digital at scale. Consumer Engagement & Loyalty Mint, distribute, and redeem loyalty rewards. Decentralized Identity Maintain the lifecycle of credentials. Decentralized Logs Scalable, real-time timestamped events. DeFi Dapps built for the next-generation of finance. NFTs Low, fixed fees. Immutable royalties. Payments Scalable, real-time, and affordable crypto-payments. HBAR Overview Learn about Hedera's token, HBAR. Treasury Management Hedera’s report of the HBAR supply. Governance Decentralized Governance Hedera Council See the world's leading organizations that own Hedera. About Meet Hedera's Board of Directors and team. Journey Watch Hedera's journey to build an empowered digital future for all. Transparent Governance Public Policy Hedera's mission is to inform policy and regulation that impact the industry. Meeting Minutes Immutably recorded on Hedera. Roadmap Follow Hedera's roadmap in its journey to build the future. Resources Company What's New Partners Papers Careers Media Blog Technical Press Podcast Community Events Meetups Store Brand Navigation QUICKSTART Shinhan Bank to Conduct Stablecoin International Remittance PoC on Hedera Network, in Partnership with Major Multinational Bank news Nov 29, 2021 by Hedera Team Hedera is the most used, sustainable, enterprise-grade public network for the decentralized economy. Seoul, Korea and Dallas, TX – 29 November, 2021 – Shinhan Bank (KRX: 055550), the leading bank in South Korea, today announced that it has completed the development of a proof-of-concept, with a global megabank outside of Korea, built on the Hedera network, leveraging stablecoins and focused on international remittances. Utilizing the Hedera Token Service (HTS) and Hedera Consensus Service (HCS), the project aims to test the issuance and distribution of stablecoins, applied to a financial use case that typically suffers from high fees, longer waits, and the absence of tracking features. Under current financial systems, when individuals or organizations send cross-border transfers, the customer bears high intermediary bank costs. For cross-border transfers between countries that lack liquidity and a direct network, customers typically pay the equivalent of an extra twenty to eighty US dollars for intermediaries’ fees on top of regular cross-border transfer fees. Transactions typically take three to seven days to be completed. Furthermore, the customer has no visibility during the transaction, and cannot track his or her transfer during the process. With the stablecoin solution developed by the banks, individuals and organizations can send and receive funds in a locally denominated stablecoin, with remarkably low fees. Shinhan plans to mint South Korean Won (KRW)- backed stablecoins and the partnering bank will mint stablecoins backed by their local currency. Users will be able to buy KRW-based stablecoin that Shinhan issues, and send them to an account at the partner bank. The recipient will then be able to receive the funds in a locally denominated stablecoin and exchange it for the local currency. The two banks will use the Hedera Consensus Service (HCS) both to track and record transactions and confirm the foreign exchange rate at the time of each transaction. “International remittances were a massive market of $702 billion in 2020, with $539 billion going to low- and middle-income countries*,” said Mance Harmon, CEO and Co-founder of Hedera. There is a massive opportunity to cut out the middleman and make this process dramatically more efficient and cost-effective, getting the most money possible to people who often need it urgently. We commend Shinhan and their partner for developing this solution, and are proud that it takes advantage of the economic and speed benefits that only the Hedera network can provide.” Shinhan Bank is a leader in leveraging distributed ledger technology (DLT) to drive financial innovation. In January of this year, Shinhan invested in Korea Digital Asset Custody (KDAC), an industry consortium of businesses that provide digital-asset custody services. In March, Shinhan completed a demonstration platform for central bank digital currencies (CBDCs), together with LG CNS. The company joined the Hedera Governing Council in April 2021. Officials at Shinhan Bank said, “Joining the Hedera Governing Council this spring has allowed us to significantly accelerate our engagement with other global industry leaders to leverage the power of Hedera’s fast, fair, green public distributed ledger. Cost-effective, efficient international remittance is the perfect, real-world financial use case to build on a network that provides Hedera’s speed and low cost. We are excited to work with a leading global banking partner to deliver the first of what we hope will be many solutions that drive the next generation of finance and financial inclusion.” For more information, please visit www.hedera.com/stablecoin-settlement. ### About Shinhan Bank Shinhan Bank is a leading commercial bank in South Korea with KRW 471.5 trillion in assets. The company provides a full range of banking services to its 20 million customers - individual consumers, SMEs and large corporations- with 1,032 branches including 156 global branches in twenty countries; the company also serves its 11.9 million mobile users with its award-winning app 'SOL.' The company's financial group 'Shinhan Financial Group' is a diversified holding company with 17 companies including Shinhan Card, Shinhan Investment and Shinhan Life. The financial group's stock (KRX:055550) is listed on the Korea Exchange. About Hedera The Hedera network is the most used, sustainable, enterprise-grade public ledger for the decentralized economy. The platform is governed by a council of the world's leading organizations, including Avery Dennison, Boeing, Chainlink Labs, DBS Bank, Dentons, Deutsche Telekom, DLA Piper, EDF (Électricité de France), eftpos, FIS (WorldPay), Google, IBM, the Indian Institute of Technology (IIT), LG Electronics, Magalu, Nomura Holdings, ServiceNow, Shinhan Bank, Standard Bank Group, Swirlds, Tata Communications, University College London (UCL), Wipro, and Zain Group. For more information, visit www.hedera.com, or follow us on Twitter at @hedera, Telegram at t.me/hederahashgraph, or Discord at www.hedera.com/discord. The Hedera whitepaper can be found at www.hedera.com/papers. For Media Enquiries Andrew Kim E: [email protected] Zenobia Godschalk E: [email protected] Share This Back to blog What is gRPC, gRPC-Web, and Proxies? Ed Marquez Pragmatic Blockchain Design Patterns – Integrating Blockchain into Business Processes Michiel Mulders Zero Cost EthereumTransaction on Success: Hedera's New Fee Model for Relay Operators Oliver Thorn Hedera Adopts Chainlink Standard for Cross-Chain Interoperability To Accelerate Ecosystem Adoption Hedera Team Hedera Developer Highlights March 2025 Michiel Mulders Hedera Release Cycle Overview Ed Marquez View All Posts Sign up for the newsletter CONNECT WITH US Transparency Open Source Audits & Standards Sustainability Commitment Carbon Offsets Governance Hedera Council Public Policy Treasury Management Meeting Minutes LLC Agreement Node Requirements Community Events Meetups HBAR Telegram Developer Discord Twitter Community Support FAQ Network Status Developer Discord StackOverflow Brand Brand Guidelines Built on Hedera Logo Hedera Store About Team Partners Journey Roadmap Careers Contact General Inquiry Public Relations © 2018-2025 Hedera Hashgraph, LLC. All trademarks and company names are the property of their respective owners. All rights in the Deutsche Telekom mark are protected by Deutsche Telekom AG. All rights reserved. Hedera uses the third party marks with permission. Terms of Use  |  Privacy Policy