Japan's three major banks will participate in testing stablecoin cross-border transfer platforms
Three major Japanese banks - Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Financial Group (SMBC), and Mizuho Financial Group - will participate in a trial of a stablecoin cross-border transfer platform with the goal of providing faster international settlements for businesses.
According to a press release released on Thursday (5th), the project known as "Project Pax" will conduct preliminary trials using stablecoins issued by memory blockchain startup Progmat, supported by the aforementioned three banks, SBI Holdings, and Japan Exchange Group. It will be operated by Progmat, memory blockchain interoperability development company Datachain, and cross chain platform TOKI to facilitate testing of cross chain transactions.
The project plans to use SWIFT's existing API framework to allow banks to instruct Progmat to settle on the in memory blockchain network, which will help address money laundering prevention and other compliance challenges. This enables financial institutions to avoid operational redundancy in the transfer of legal tender and minimize investment costs
According to the statement, Project Pax will begin experimenting with a prototype with the goal of commercializing a stablecoin cross-border transfer platform by 2025. The team wrote in another blog post:
By combining these regulated stablecoins and truly open and secure cross chain information transmission standards with the current cross-border information framework, we are enabling enterprises to achieve cross-border settlements at internet speed
Progmat has established its "Progmat Coin" stablecoin platform with the support of several major financial institutions in Japan. The press release states, "Various stablecoins issued on the 'Progmat Coin' platform can be denominated in major fiat currencies such as Japanese yen, US dollar, and euro, and can be flexibly used domestically and internationally
data source
Related report: Binance Japan seeks cooperation with Mitsubishi UFJ Financial Group to launch Japanese yen stablecoin
相关文章:
相关推荐:
- 做空比特币怎么买入?btc交易的便捷助手
- meme币交易所下载安卓最新 meme币最新版手机app下载
- 上海瀚讯收盘涨3.76%,主力资金净流入3637.36万元
- *ST名家收盘跌9.2%,主力资金净流出2825.07万元
- 派币什么时候能卖钱-Pi Network (PI)何时可以在市场上出售
- 易华录收盘涨1.47%,主力资金净流出2245.26万元
- 玲珑轮胎收盘跌1.22%,主力资金净流出2652.82万元
- USDT钱包6月抢先版下载-USDT钱包DEX交易v6.3.7官网下载
- 派币最新交易消息-Pi Network或Pai Coin的最新交易信息
- 顺网科技收盘涨3.08%,主力资金净流入4250.79万元