KoBo Life and SBI Test Direct Yen/Won Stablecoin Settlement

KoBo Life and Japan's SBI Group have verified a structure for direct interbank fund transfers using Korean won and Japanese yen stablecoins without going through the US dollar. KoBo Life announced on July 17 that it completed a cross-border payment pilot project with SBI Group's subsidiary SBI Digital Practice, which had been running since July. The two parties tested the transfer, conversion, and settlement of institutional funds using the financial-grade blockchain Canton Network test environment. The trial used test tokens only, not actual funds or stablecoins. KoBo Life explained that the direct exchange structure between yen stablecoins and won stablecoins confirms a viable alternative to the traditional dollar-based system.