Jeonbuk Bank, part of JB Financial Group in South Korea, successfully completed a proof of concept for cross-border remittance using stablecoins on the Solana blockchain. The test involved a private Solana channel to keep transaction details confidential, recording only deposits and final settlements on the public blockchain. This method avoided external cross-chain bridges by using the bank's custody system and included local bank payment settlements. Jeonbuk Bank aims to integrate this technology with its Bravo Korea service for foreign residents once regulatory frameworks are in place, potentially enhancing secure and efficient international remittance services.
Jeonbuk Bank's cross-border remittance test using Solana stablecoins provides context for digital asset activity. For readers following cryptocurrency markets, here is Pluang's snapshot as of Sep 30, 2026 09:02 WIB: out of 50 major cryptocurrencies, 39 rose and 10 fell. Notable movers include DOT at Rp21.795 with a 4.91% increase and a typical hold time on Pluang of 120 days, SAND at Rp793 up 4.05%, and AXS at Rp20.609 with a 3.77% rise.
Abracadabra has proposed liquidating its decentralized lending protocol, which would result in MIM stablecoin holders recovering only about 4 cents per dollar of debt, reflecting a 96% loss. The proposal estimates recovering $900,000 in assets agains...
Abracadabra DAO is voting on a proposal to close its lending protocol and liquidate the Magic Internet Money (MIM) stablecoin due to $21 million in bad debt causing severe undercollateralization. The stablecoin's backing is now worth less than 4 cent...
Brazil's Central Securities Depository, CSD BR, which manages over BRL 22 trillion in assets, has partnered with Ripple to mirror securities ownership data on the XRP Ledger. This integration involves real fund shares from BTG Pactual, a leading Lati...
Magic Internet Money (MIM), a once-popular DeFi stablecoin from Abracadabra, has lost over 95% of its $1 peg, trading around 4.46 cents as of September 2026. After a sharp decline starting mid-2026 and failed stabilization efforts, Abracadabra now pr...
Abracadabra has proposed to wind down the MIM protocol, which would liquidate its remaining collateral and convert it into Ether (ETH) to pay MIM holders. The proposal estimates about $900,000 in recoverable assets against $21 million in bad debt, im...
