Japanese Banks Adopt IBC for Stablecoin Cross-Chain Transfers
BAAR, Switzerland, March 18, 2024 /PRNewswire/ -- What happened?: TOKI successfully enabled the cross-chain transfer of an ERC20-compatible token, designed as a stablecoin backed by multiple Japanese banks, on Ethereum (Sepolia) to BNB Chain testnets using IBC.
- : TOKI successfully enabled the cross-chain transfer of an ERC20-compatible token, designed as a stablecoin backed by multiple Japanese banks, on Ethereum (Sepolia) to BNB Chain testnets using IBC.
- IBC is a blockchain interoperability protocol used by 110+ chains, facilitating secure, permissionless cross-chain interactions.
- TOKI expands IBC to non-Cosmos blockchains by providing a Light Client Proxy contract with proof verification within Intel SGX.
- The transfer was conducted through a lock-and-mint mechanism compliant with ICS-20 , the IBC token transfer module that facilitates tens of millions of transfers per year.