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IBM Launches Blockchain-based Global Payment Network

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IBM announced the launch of IBM Blockchain World Wire, a real-time global payments network, aiming to support payments and foreign exchange in more than 50 countries. The network provides real time clearing and settlement using both stable coin backed by U.S. dollars and cryptocurrency.

With the IBM network, funds can now be transferred at a much lower cost and time than currently required with the traditional correspondent banking.

In a statement, the tech giant noted that the network already supports settlement using Stellar Lumens and a U.S. dollar stable coin through IBM's previously-announced collaboration with Stronghold.

Pending regulatory approvals and other reviews, six international banks have signed letters of intent to issue their own stable coins on World Wire, adding Euro, Indonesian Rupiah, Philippine Peso, Korean Won and Brazilian Real stable coins to the network. These banks include Banco Bradesco, Bank Busan, and Rizal Commercial Banking Corp., among others.

The company said World Wire has enabled payment locations in 72 countries, with 47 currencies and 44 banking endpoints.

The network also allows participants to choose from a variety of digital assets for settlement.

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