SBI Digital Practice and Kyobo Life Complete Japan-Korea Stablecoin Pilot

SBI Group subsidiary SBI Digital Practice and Kyobo Life have verified the structure for transferring, converting, and settling institutional funds between Japan and South Korea using test tokens linked to the Japanese yen and Korean won. No actual commercial stablecoins or institutional funds were moved during the project.

Kyobo Life announced in a press release on July 17 that it had concluded a cross-border pilot project based on stablecoins, which had been running since July. The project was conducted using the test environment of Canton Network, a blockchain network designed for financial institutions, jointly developed by SBI Digital Practice and Kyobo Life.

Kyobo Life explained that they tested a fund transfer structure where yen stablecoins were directly converted to won stablecoins without using dollars as an intermediary currency. The companies also examined real-time tracking of transaction information and the domestic processing of digital assets and settlement funds transferred overseas.

Based on the pilot results, both parties plan to explore additional collaboration areas including cross-border digital asset conversion, asset management integration, and new business model development for Japan-Korea financial services.