Blockchain tech ignores USD, allows transfers in Baht-Yuan

Kasikornbank, Thailand’s fourth largest bank by assets, has developed a blockchain platform in partnership with Chinese fintech firm International Business Settlement (IBS), allowing for baht-yuan cross-country settlements. As reported by Nikkei, the system will allow for direct settlement of transfers between baht and yuan or Thailand and China without any need for the currencies to be converted to USD at any point. The USD, often seen as the default benchmark currency around the world, typically plays a part during cross-border international remittance or settlements when wired through a clearing house. Read more: