Hedera Hashgraph has integrated MetaMask and concluded a stablecoin remittances pilot in conjunction with Shinhan Bank.
Hedera Hashgraph, a decentralized public network, has recently announced its increased inclusivity by incorporating MetaMask support through HIP-583. Moreover, in collaboration with Shinhan Bank, SCB TechX, and other financial institutions, Hedera recently completed a successful proof-of-concept (PoC) pilot for stablecoin remittances.
Hedera Enables MetaMask Support
This integration brings exciting opportunities for MetaMask users to access and utilize Hedera DApps (decentralized applications) seamlessly. The Hedera ecosystem will support JSON-RPC-enabled wallets and apps to prepare for this integration.
The updates include transferring HBAR to and from 0x accounts, improved usability through updated “token associations,” enhanced connectivity with MetaMask, and compatibility with Ethereum Virtual Machine (EVM) tooling.
MetaMask, a popular Ethereum wallet and gateway to the world of decentralized finance (DeFi), will now enable its users to interact with Hedera’s decentralized applications seamlessly. They have shared a step-by-step guide to DApp development in their official blog.
Successful Stablecoin Remittance Pilot
Hedera Hashgraph has actively facilitated cross-border remittances by implementing distributed ledger technology (DLT). In collaboration with Shinhan Bank, SCB TechX, and other financial institutions, it recently accomplished a successful proof-of-concept (PoC) pilot for stablecoin remittances.
Shinhan Bank, SCB TechX, and the largest financial institution in Taiwan collaborated on this pioneering initiative, leveraging Hedera’s highly efficient and environmentally friendly open-source, public network.
During the pilot, the platform achieved real-time settlement and seamlessly integrated real-time foreign exchange rates for three currencies: the Thai Baht (THB), the New Taiwan Dollar (NTD), and the South Korean Won (KRW).
This PoC is fully compatible with the Ethereum Virtual Machine (EVM), enabling any stablecoin issuer utilizing EVM to take advantage of the framework in the future.
At the press time, Hedera’s native cryptocurrency, HBAR, is currently trading at $0.05276. Over the past 24 hours, the trading volume has experienced a significant increase of 141.54%.
