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.
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
