Kyobo Life and SBI Digital Practice, a Tokyo-based SBI Holdings subsidiary focused on blockchain infrastructure for regulated institutions through the Canton Network, completed a cross-border Japan-South Korea settlement pilot. Conducted in the network's test environment, the exercise simulated the transfer of a yen-denominated stablecoin representation, its exchange for a won-denominated representation and final settlement without routing value through the U.S. dollar. The companies tested institutional fund transfers, foreign-exchange conversion, settlement, transaction tracking and reconciliation, as well as Kyobo Life's ability to securely receive and manage digital assets and related settlement funds from overseas. The test used simulated tokens rather than actual funds or production stablecoins and does not establish a commercial service, production deployment or regulatory approval. Kyobo Life previously described the exercise as the first in South Korea's insurance industry to verify the full cross-border process for institutional funds. The companies said the model is intended to address the time, cost and complexity of conventional international transfers, which can involve multiple financial institutions and currency conversions. SBI Digital Practice and Kyobo Life plan further digital-asset cooperation, including potential links between digital-asset exchanges and asset management and the development of new financial business models, subject to the necessary regulations and infrastructure.