Remit, Sui Launch Infrastructure for Bank-Issued Regulated Stablecoins
Summary
- Remit Technology said it has launched the first Sui-based, bank-issued regulated stablecoin infrastructure.
- The platform is built on EUB and USB stablecoins that comply with the EU's MiCA framework and will be offered through Bison Bank and a global network of partner banks.
- Remit said the infrastructure, built on the Sui blockchain, was designed to meet the regulatory requirements of institutions handling cross-border money movement, including the FATF Travel Rule, Basel Committee standards, and ECB supervision.
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Remit Technology said June 19 that it has launched what it described as the first Sui-based infrastructure for bank-issued regulated stablecoins.
The platform is based on EUB and USB stablecoins that comply with the European Union's Markets in Crypto-Assets regulation, or MiCA. It will be offered through Bison Bank and a global network of partner banks.
Remit plans to provide stablecoin-based payment and settlement services to financial institutions in Europe, Asia, Latin America, the Middle East and North America. The company aims to enable real-time settlement and traceability using stablecoins issued directly by banks, while reducing intermediary costs and settlement delays in conventional cross-border remittances.
The infrastructure runs on the Sui blockchain. Remit said it was designed to meet the Financial Action Task Force's Travel Rule and standards set by the Basel Committee, and uses electronic money tokens, or EMTs, from Bison Bank, which is supervised by the European Central Bank.
Chief Executive Officer Sam Seo said institutions moving money across borders need infrastructure built to institutional standards. He added that Remit was designed to meet the regulatory requirements of major financial institutions, while Sui provides the blockchain capabilities suited to that purpose.
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