IBM announces Stellar-based World Wire
|World Wire provides a more straight-through model for cross border payments using the Stellar protocol.- IBM has already received letters of intent from 6 banks to issue stable coins on World Wire.
IBM announced the launch of World Wire, a model for cross border payments using the Stellar protocol. This real-time global payments network for regulated financial institutions in more than 50 countries will be accessible in a growing number of markets. Marie Wieck, General Manager, IBM Blockchain, said:
"We've 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. By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide."
The network already supports settlement using Stellar Lumens and a U.S. dollar stable coin through IBM's previously-announced collaboration with Stronghold. IBM has also received letters of intent from 6 banks, including Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corporation (RCBC), to issue stable coins on World Wire.
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.