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IBM Launches Stellar-Powered Cross-Border Payments Network, Collaborated with Six Banks Expected to Issue Stablecoins

Abstract : Six international banks have signed letters of intent to issue fiat currency-pegged stablecoins that will be used for IBM Blockchain World Wire, a cross-border payments network using Stellar blockchain.

ChainDD
ChainDD

Mar 19

March 19 (ChainDD) IBM announced on March 18 that it has launched IBM Blockchain World Wire, a cross-border payments network using Stellar blockchain, covering 72 countries, 47 currencies, 44 banking endpoints and more than 1081 unique currency trading pairs.

“Two financial institutions transacting together agree to use a stable coin, central bank digital currency or other digital asset as the bridge asset between any two fiat currencies. The digital asset facilitates the trade and supplies important settlement instructions,” IBM explains. “For those preferring to avoid the use of digital currencies, IBM also provides alternative settlement methods,” it added in a footnote.

According to CoinDesk, IBM revealed that six international banks have signed letters of intent to issue fiat currency-pegged stablecoins that will be used for IBM Blockchain World Wire, including Bank Busan of South Korea, Philippines-based RCBC and Brazil’s Banco Bradesco. They will offer digital euro and Indonesian rupiah.

Jesse Lund, vice president of IBM blockchain told Bloomberg that Bank of Busan and RCBC are expected to launch a stablcoin the second quarter of 2019, pending regulatory approval.

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