The HBAR Foundation has revealed insights into how Shinhan Bank and Standard Bank Group utilized their capabilities to conduct stablecoin pilots. The Foundation, renowned for hosting the Hedera Governing Council, oversees network governance, node operations, use case exploration, and development.

Shinhan Bank and Standard Bank Group stand out due to their utilization of the network for stablecoin pilots. They combined elements of the Hedera Token Service and Hedera Smart Contract Service, utilizing the Stablecoin Studio to create stablecoins in pilot versions. These efforts yielded positive results, including real-time settlement and integration of real-time FX rates across selected currencies like the Thai Baht, the New Taiwan Dollar, and the South Korean won.

The findings from the pilot versions are deemed crucial as they align with production capabilities, suggesting that full-scale implementation is imminent in the coming months.

The pilot version's use of Hedera EVM sets a precedent for other stablecoins based on EVM, encouraging issuers and financial institutions to engage. While the community response to the announcement varies, it has sparked enthusiasm and discussion, reflecting in the trading value of the HBAR token.

The HBAR Foundation's announcement coincides with its commitment to fund a communal DAO, reflecting its long-term growth strategy and aim to address gaps in consumer interaction, the crypto economy, and sustainability markets.

Looking ahead, the HBAR Foundation aims to foster open discussions within the community to chart a path toward a brighter future. Additionally, it announced support for the Hashport Network with the 4th grant to bolster Hedera bridging and interoperability solutions.