Shinhan, NH Nonghyup, and Kbank announced on the 10th that they will participate in the stablecoin-based overseas remittance experiment 'Project Pax.'
Project Pax is an international cooperation project aimed at building a next-generation global remittance and payment system using digital assets. FairSquare Lab from Korea and Korea Digital Asset Custody (KDAC) are leading the project along with ProGit from Japan.
The project's goal is to verify the practicality of stablecoins in the fields of overseas remittance, currency exchange, and offshore payments, through collaboration among major banks from various countries, and to determine if stablecoins can innovate the remittance process between nations.
Domestic banks plan to review whether overseas trade remittances using won-based stablecoins can operate smoothly in a real financial environment by linking the banking systems of Korea and Japan.