The three major banks in Japan will test a cross-border stablecoin transfer platform

2024-09-06 17:54:26

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ChainCatcher news, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank will pilot a stablecoin platform to facilitate cross-border transfers.

According to a press release, the pilot test, named "Project Pax," will utilize stablecoins issued by the blockchain startup Progmat, supported by SBI Holdings and the Japan Exchange Group. The project will be operated by Progmat, Datachain, and TOKI to facilitate testing of cross-chain transactions. "Project Pax" will start with a prototype, aiming for commercialization of the platform by 2025.

The project plans to leverage SWIFT's existing banking API framework to instruct Progmat to settle on the blockchain network, stating: "This allows financial institutions to avoid operational redundancies in fiat currency transfers and minimize investment costs."

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