HBAR News: Hedera Integrates MetaMask and Greenlights Stablecoin Remittance Pilot

Hedera Hashgraph, a decentralized public network, has recently announced its increased inclusivity by incorporating MetaMask support through HIP-583. Moreover, in collaboration with Shinhan Bank, SCB TechX, and other financial institutions, Hedera recently completed a successful proof-of-concept (PoC) pilot for stablecoin remittances.

Hedera Enables MetaMask Support

This integration brings exciting opportunities for MetaMask users to seamlessly access and utilize Hedera DApps (decentralized applications). In preparation for this integration, the Hedera ecosystem will provide support for JSON-RPC-enabled wallets and apps.

The updates include features such as the transfer of HBAR to and from 0x accounts, improved usability through updated “token associations,” enhanced connectivity with MetaMask, and compatibility with Ethereum Virtual Machine (EVM) tooling.

MetaMask, a popular Ethereum wallet and gateway to the world of decentralized finance (DeFi), will now enable its users to seamlessly interact with Hedera’s decentralized applications. They have shared step-by-step guide to DApp development in their official blog.

Successful Stablecoin Remittance Pilot

Hedera Hashgraph has actively participated in facilitating cross-border remittances through the implementation of distributed ledger technology (DLT). In collaboration with Shinhan Bank, SCB TechX, and various other financial institutions, it recently accomplished a successful proof-of-concept (PoC) pilot for stablecoin remittances.

Also Read: Hedera Becomes Top DLT, 13 Billion Transactions In June..

Shinhan Bank, SCB TechX, and the largest financial institution in Taiwan collaborated on this pioneering initiative, leveraging Hedera’s highly efficient and environmentally friendly open-source public network. During the pilot, the platform achieved real-time settlement and seamlessly integrated real-time foreign exchange rates for three currencies: the Thai Baht (THB), the New Taiwan Dollar (NTD), and the South Korean Won (KRW).

This PoC is fully compatible with the Ethereum Virtual Machine (EVM), enabling any stablecoin issuer utilizing EVM to take advantage of the framework going forward.

At the press time, Hedera’s native cryptocurrency, HBAR, is currently trading at $0.05276. Over the past 24 hours, the trading volume has experienced a significant increase of 141.54%.