The FinTech Open Source (FINOS) Foundation is an organization of 100+ big names in the finance & technology space
With the recent growth of financial focused utilities on $HBAR , could this be their next big move in FinTech?
Let's first look a little further into the size & scale of the FINOS Foundation
They are a project under the Linux Foundation, who is also the creator of Hyperledger, a non-profit consortium creating industry grade DLT products
The goal of FINOS is to promote & accelerate the use and adoption of open sourced standards, softwares and enabling further collaboration.
Its also important to remember the financial institutions that are on $HBAR council that will now likely also have some form of access into this network of FI's
FIS (Worldpay) abrdn Nomura Standard Bank Shinhan Bank
And lets also not forget some of the more recently developments in the financial sector from $HBAR lately
Just earlier in July, Shinhan Bank had piloted a cross border stablecoin with SCB Tech from Taiwan
With the goal of the project being the capability to reach real-time gross settlement & real-time FX rates
This has since been the second stablecoin experiment by Shinhan Bank on Hedera, as they had also experimented with Standard Bank, another council member about 2 years back
All of this of course ties into the recent launch of their Stablecoin Studio
Which is simply just an open source tool for anybody to develop a stablecoin with built in abilities for compliance & even proof of treasury management!
From asset tokenization with DLA Piper & abrdn to the variety of stablecoin projects through Shinhan, Standard, SCB, Cathay & more
It seems that while $HBAR has largely been a multi-purpose L1, they're really doubling down on the financial sector lately. (Source: Kyren)