According to CoinMeta, SBI Digital Practice has reached a memorandum of understanding with South Korea’s Nodeinfra, planning to jointly develop a cross-border payment and settlement network between Japan and Korea based on the Canton network infrastructure, with the project named Musubi. In the first phase, test tokens in Japanese yen and Korean won will be used, rather than actual commercial stablecoins. The project aims to address the additional frictions and settlement risks associated with the use of the US dollar as an intermediary in current Japanese-Korean settlements. SBI stated that Musubi plans to settle the exchange of both currencies on Canton as well. In the initial stages of the project, test tokens in Japanese yen and Korean won will be utilized, with the plan to transition to regulated stablecoins once the legal frameworks of various markets permit it.