stable coins
By Julie Binoche
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How the System Works. Blockchain cuts out the middlemen. That's the pitch, anyway.
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Why These Three Companies. Hana Financial has been poking around blockchain for a while now.
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What Happens Next. The companies said they'll keep evaluating the system's performance.
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South Korea just turned blockchain remittances into reality. Hana Financial Group, Dunamu and POSCO International flipped the switch on a live system that moves money across…
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The three companies didn't mess around with announcements about future plans. They built the thing and launched it.
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Blockchain cuts out the middlemen. That's the pitch, anyway. Traditional cross-border payments bounce through correspondent banks, clearinghouses and settlement networks.
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The companies didn't release specifics on transaction volumes or dollar amounts moving through the system.
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Speed matters in trade. A factory in Vietnam ships parts to a buyer in Seoul. The seller wants payment fast. The buyer wants proof the goods left the port.
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Hana Financial has been poking around blockchain for a while now. Big banks in Asia see the tech as a way to defend their turf against fintech startups and stablecoin networks.
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POSCO International deals with commodities and industrial goods. Steel, energy, raw materials.
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Read also: K Bank Teams Up with Ripple to Test Blockchain Remittance Tech in South Korea
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Dunamu's role is pretty clear. It's the crypto bridge. Upbit handles billions in trading volume, so Dunamu knows how to build systems that don't fall over under load.
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The companies said they'll keep evaluating the system's performance. That's corporate speak for "we're watching to see if it breaks." Live trade transactions are messy.
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No word yet on how many transactions have gone through or how much money the system has moved.
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South Korea's been pushing hard on blockchain adoption. The government wants the country to lead in digital finance, and that means getting real companies to use the tech for…
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