- Institutions from South Korea and Taiwan have joined hands to launch a stablecoin remittance proof of concept project to improve cross-border payments.
- The three institution finance players have launched the product on the Hedera network, leveraging its high-efficiency and eco-friendliness.
- HABR trading volume is up 190%, suggesting a surging interest in the token as markets embrace the new feature.
- The project pursues efficiency, reduced cost, and effective cross-border payments for EVM-based customers.
HBAR, the ticker for the Hedera Hashgraph ecosystem, is recording a surging interest among community members following a recent network announcement. The optimism emboldens the bullish streak the token has been demonstrating, sustaining its uptrend since the first week of July.
HBAR mostly bullish on network announcement
HBAR token boasts a 24-hour trading volume increase of 190% and an almost 5% price surge on the day. This bolsters its 15% uptrend that began on July 7, characterized by the series of higher highs indicated in the 1-day chart below.
HBAR/USDT 1-Day Chart
Notably, trading volume can help identify the kind of momentum that is driving the market. It helps determine the direction of a price pattern, such that when the trading volume rises, the asset's price typically moves in the same direction.
HBAR metrics on CoinMarketCap
When trading volume increases in tandem with the price of an asset, it points to strong interest in the token by the buyers. It can also be attributed to a fundamental development or news in the concerned ecosystem.
Santiment corroborates this data, with the volume metric rising from 31.42 million on July 18 to 93.02 million on July 19. This constitutes a 196% volume surge in 24 hours.
HBAR on-chain volume
As Bloomberg reported, the Hedera network has recently collaborated with institutional players in South Korea and Taiwan. Specifically, the protocol has provided a base for South Korea's first modern bank, Shinhan, and Taiwan's largest financial institution, SCB TechX, to launch the trial version of a stablecoin payments proof-of-concept (PoC).
Last year, the F&P Fund published its strategy that highlighted #stablecoins and international remittances as one of four key focuses
— HBAR Foundation (@HBAR_foundation) July 18, 2023
Today, we reach a milestone of that strategy with ecosystem partners Shinhan Bank, SCB TechX, and Taiwan's leading financial institution https://t.co/lB1Vvu4Q1B pic.twitter.com/qXosvrp3UC
The PoC, which leverages Hedera's methodical and environmentally friendly open-source, public network, proved successful when tested with the Thai Baht (THB), the New Taiwan Dollar (NTD), and the South Korean Won (KRW). It is compatible with the Ethereum Virtual Machine (EVM), which means that all stablecoin issuers whose protocols are built atop the EVM network can use the framework.
Notably, this is not the first time the South Korean bank is collaborating with another player in the institutional finance space. In 2021, Shinhan Bank partnered with multinational bank Standard Chattered for an international stablecoin remittances payments project.
With this feature, EVM-based stablecoin users are poised to enjoy efficient, affordable, and sustainable cross-border payments. According to Shinhan Bank's Chief of the Blockchain division Byunghee Kim, the entire framework is centered on the characteristic nature of stablecoins, which:
Offer a low-cost, fast, and reliable way to transfer value across borders, which can help to increase financial inclusion and improve access to financial services for individuals and businesses in underserved communities.
The feature demonstrates how Hedera's EVM-compatible technology can eliminate third parties, lower costs, and expedite the remittance process.
The development echoes the recent efforts by players in the traditional finance (TradFi) spaces like BlackRock, Citadel Securities, Fidelity, WisdomTree, and others, which have demonstrated an interest in crypto and blockchain sectors for the Exchange-Traded Fund (ETF) applications.
As more TradFi players take steps to leverage the vast opportunities presented by blockchain technology, the Shinhan, SCB TechX, and Hedera collaboration marks a significant milestone for the financial sector toward the successful transformation of how cross-border payments happen.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks

Ethereum Price Forecast: ETH consolidates below $2,000 as Standard Chartered alters its prediction for 2025
Ethereum remained just below $2,000 in the Asian session on Tuesday as Standard Chartered's Global Head of Digital Assets Research, Geoffrey Kendrick, updated the bank's 2025 price forecast for ETH.

Solana price faces 50-day resistance as SOL futures debut on CME Group with $5M volume on fifth anniversary
Solana (SOL) stagnated around the $128 mark on Monday despite multiple bullish catalysts. The recent SOL unlocks by Alameda Research, ahead of FTX creditor repayments, have created a persistent bearish overhang since early March.

Canary Capital proposes first-ever Sui ETF following S-1 filing with the SEC
SUI saw slight gains on Monday as Canary Capital submitted an S-1 application with the Securities & Exchange Commission (SEC) to launch a Sui exchange-traded fund (ETF). This adds to the growing list of altcoin ETF filings awaiting approvals from the regulator.

Outflows in crypto funds reach $6.4 billion over five weeks amid long-term holder accumulation
Crypto exchange-traded funds (ETFs) extended their outflow streak last week, totaling $1.7 billion, bringing the total outflows in the past 5 weeks to $6.4 billion, per CoinShares weekly report on Monday.

Bitcoin: BTC at risk of $75,000 reversal as Trump’s trade war overshadows US easing inflation
Bitcoin price remained constrained within a tight 8% channel between $76,000 and $84,472 this week. With conflicting market catalysts preventing prolonged directional swings, here are key factors that moved BTC prices this week, as well as key indicators to watch in the weeks ahead.

The Best brokers to trade EUR/USD
SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.