Search results for Institute of International Finance
Finance
Korean commercial banks join BIS \'Project Agora\' to verify deposit token payment system
South Korea\'s five major banks - KB Kookmin, Shinhan, Hana, Woori and NH NongHyup Bank - have checked the potential to improve inter-institution payment transactions globally. The banks joined Project Agora, a joint initiative by the Bank for International Settlements and the Institute of International Finance. Participants tested whether blockchain technology and smart contracts can cut costs and time for large cross-border payments while maintaining the legal nature of reserves and deposits.
Crypto
Visa-led crypto card payments surge 230 percent year on year
Crypto card payments are growing rapidly, reshaping competition in the global payments industry. Onchain-based crypto card payments recently hit a record $7.8 billion, with Visa accounting for about 90 percent of transactions. PaymentScan data showed total crypto card payments have risen about 230 percent since May 2025 as users spend stablecoins held in wallets without bank transfers. Visa is expanding stablecoin-linked card programs with Bridge and moving toward onchain settlement.
Crypto
BoE governor says countries must not set stablecoin rules separately, urges faster global standards
Bank of England Governor Andrew Bailey said efforts to establish common international standards for stablecoins are moving too slowly and called for alignment of national regulations. He said users must be able to trust that stablecoins can be redeemed in full at any time, describing this as “assured value”, and said international standards are needed to underpin it. His remarks come as the UK and the United States move to build domestic rules, and as debate continues in South Korea.