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.