Six international banks, including Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation, have signed letters of intent to issue their own stable coins on IBM BlockchainWorld Wire.
The banks will add Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stable coins to the network.
IBM Blockchain World Wire is accessible in a growing number of markets and is to support payments and foreign exchange in more than 50 countries.
According to IBM, they are present in 72 countries, 47 currencies, 44 banking endpoints, and more than 1,081 unique currency trading pairs.
It was noted that World Wire is designed to optimise and accelerate foreign exchange, cross border payments and remittances.
Additionally, it is the first blockchain network of its kind to integrate payment messaging, clearing and settlement on a single unified network, while allowing participants to choose from a variety of digital assets for settlement, IBM revealed.
IBM explained that World Wire provides a more straight-through model for cross border payments.
It also reduces intermediaries and allows users to accelerate settlement time often in seconds, according to IBM.
Luiz Carlos Brandao Cavalcanti Junior, innovation and digital channels executive director at Banco Bradesco, said: 鈥淏radesco continuously adopts innovation that enhances customer experience and improves efficiency."
"The World Wire Network addresses both of these aspects, and therefore presents a valuable opportunity for Bradesco and its customers in Brazil."
Manny T. Narcisco, first senior vice-president, RCBC, added: 鈥淩CBC is pleased to be an early innovator with plans to issue our own Peso stable coin on World Wire, pending final approval from our regulators."
"We're focused on innovation that adds value for our customers, and World Wire presents a tremendous opportunity to transform and enhance our payment infrastructure."
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