World Wire, IBM’s blockchain payments and settlement network based on the Stellar protocol, took a step further in the project development this week by announcing six additional international banks have signalled their intent to implement the service.
Designed to facilitate cross-border transactions for regulated financial institutions, World Wire enables banks to issue their own stablecoin or fiat-backed token as well as providing an option to use Stellar Lumens (XLM) as a bridging asset where direct fiat exchange is problematic.
More Banks, Currencies and Stablecoins
Only three of the new banks have so far been named – Banco Bradesco, Bank Busan and Rizal Commercial Banking Corporation (RCBC) – with the others expected to be announced once full regulatory approval has been granted.
Having already issued a USD stablecoin through Stronghold last year, the new arrangements will see the addition of Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stablecoins to the network.
IBM state that, to date, World Wire has enabled payment locations in 72 countries using 47 currencies and 44 banking endpoints. Such growth away from conventional banking networks has been achieved by simplifying processes, reducing intermediaries, providing liquidity management and reducing costs.
The Innovation and Digital Channels Executive Director at Banco Bradesco, Luiz Carlos Brandao Cavacanti Junior, welcomed this “…innovation which enhances customer experience and improves efficiency” and believes World Wire “…presents a valuable opportunity for Bradesco and its customers in Brazil.”
Stellar recently appointed Denelle Dixon as their new CEO and saw their XLM token added to the Coinbase exchange.
