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Hedera Hashgraph, a decentralized public network, recently announced that it has expanded its scope by offering MetaMask wallet support through HIP-583. Hedera Hashgraph also revealed that it has successfully completed the pilot phase of a proof-of-concept (PoC) for stablecoin transfers in collaboration with Shinhan Bank, SCB TechX, and other financial institutions.
Hedera Hashgraph Implements MetaMask Support
The addition of MetaMask support through Hedera Hashgraph’s latest integration offers exciting opportunities for leading cryptocurrency wallet users to seamlessly access and utilize decentralized applications (dApps) on the network. As preparation for this integration, the Hedera Hashgraph ecosystem will provide support for JSON-RPC enabled wallets and applications.
The upcoming updates include improvements such as the transfer of HBAR to and from 0x accounts, enhanced usability through updated token mappings, improved connectivity with MetaMask, and compatibility with Ethereum Virtual Machine (EVM) tools.
MetaMask, a leading Ethereum wallet and gateway to the decentralized finance (DeFi) world, will now enable its users to seamlessly access and utilize Hedera Hashgraph’s decentralized applications.
Successful Completion of Stablecoin Transfer Pilot Phase
Furthermore, Hedera Hashgraph actively participated in tests to facilitate cross-border money transfers through the use of distributed ledger technology (DLT). The network recently completed the pilot phase of a proof-of-concept (PoC) for stablecoin transfers in collaboration with Shinhan Bank, SCB TechX, and various other financial institutions.
Shinhan Bank, SCB TechX, and Taiwan’s largest financial institution collaborated in this pioneering initiative, leveraging the highly efficient and environmentally friendly open-source public network of Hedera Hashgraph. During the pilot application, the platform provided real-time consensus and seamlessly integrated real-time exchange rates for three currencies: Thai Baht (THB), New Taiwan Dollar (NTD), and South Korean Won (KRW).
The PoC enables full compatibility with the Ethereum Virtual Machine (EVM) and allows any stablecoin issuer using EVM to benefit from the framework in the future.
The native asset of the Hedera Hashgraph network, HBAR, has turned its direction upwards with the announcement of all these changes and innovations. The leading altcoin reached as high as $0.055 with an increase of over 5% in the last 24 hours.
