SBI plans Japan-Korea stablecoin network on Canton
SBI Digital Practice and South Koreas Nodeinfra agreed to jointly develop a cross-border payment and settlement network between Japan and South Korea using Canton Network infrastructure. The companies announced the memorandum of understanding on Aug. 7, calling the initiative Project Musubi. The first phase will use yen-denominated and won-denominated test tokens rather than live commercial stablecoins, according to SBIs release. The project is designed to address the current use of the U.S. dollar as an intermediary in some Japan-Korea settlements. SBI said sequential settlement through a dollar vehicle can create additional friction and settlement risk. Project Musubi instead plans to settle both sides of a currency exchange simultaneously on Canton. SBI stablecoin payment network starts with test tokens The initial testing phase will use a yen test token and a won test token. SBI and Nodeinfra said they intend to move toward regulated stablecoins when the legal frameworks in each market allow it. The companies did not provide a commercial launch date or name participating banks, exchanges or payment firms. SBI Digital Practice and Nodeinfra Partner to Launch Cross-Border Stablecoin Payment Network Connecting Japan and South Korea Japanese financial powerhouse SBI Group, through its Canton Network-focused entity SBI Digital Practice (SBIDP), has signed a Memorandum of