6 international banks to launch stablecoins on IBM and Stellar’s World Wire

18 Mar, 2019 | Updated: 18 Mar, 2019
by Joeri Cant
6 international banks to launch stablecoins on IBM and Stellar’s World Wire

IBM announced that 6 international banks, including Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation, have signed letters of intent to issue their own stable coins on World Wire, IBM's payment network that uses the Stellar public blockchain. 

According to Coindesk, the World Wire payment network promises to allow regulated financial institutions move value across borders, quicker and cheaper than the traditional correspondent banking system.

IBM Blockchain World Wire is apparently the first blockchain-based network that integrates payment messaging, clearing, and settlement on one single network.

Marie Wieck, IBM Blockchain general manager said that they have created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most.

'The concept of money is 2,000 years old. The world has been using the same network to process financial transactions for 50 years. And even though globalisation has changed the world, payment fees and other financial barriers remain the same. But now there's a new way to move money', IBM added.

Read more: 'BTC will be $1 million someday' says Jesse Lund, VP of blockchain at IBM

Jesse Lund, IBM’s head of blockchain for financial services explained that the project is in limited production.

'We are starting with markets that are outside of the US', Lund said. ' But it won’t be long before we add the US as an operating endpoint. It will be sometime this year; we will get to it, third quarter, fourth quarter something like that', he said.

Even though the World Wire payment netwrok is in limited production, it has already enabled payment locations in 72 countries, with 47 currencies and 44 banking endpoints. where people can send or receive cash, said IBM.

At this point there is no doubt that IBM and Stellar’s World Wire is in direct competition with Ripple and SWIFT as cross-border payments leader. The question is now who will end up surpassing who?

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