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Case Study
IBM’s World Wire pilot project examined ways to make it cheap and easy for financial institutions to send any currency anywhere in the world using Stellar.
Organization
IBM Blockchain
Industry
Cross-border payments
Location
Global
Every day, financial institutions move trillions of dollars from country to country and currency to currency using a payment system designed over 50 years ago. It’s slow, expensive, and unnecessarily complicated.
IBM World Wire piloted connecting larger-scale financial institutions to Stellar via a publicly-permissioned network.
Regulated financial institutions applied to join World Wire and were selected by IBM. These institutions connected to World Wire APIs to submit transactions to the Stellar network.
World Wire subscribers transacted using bridge assets, many of which were stablecoins. Stellar makes issuing assets easy, and was built with stablecoins in mind.
IBM World Wire piloted connecting larger-scale financial institutions to Stellar via a publicly-permissioned network.
The Stellar Consensus Protocol prevents forks, keeping all assets on one global ledger and allowing for immediate settlement of payments.
The pilot sought to cover 72 countries and 47 currencies, requiring a network that can handle high transaction volumes relative to other blockchains.
IBM believes an open-source standard for payments should be stewarded by a nonprofit foundation.
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