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."

ChainCatcher news, cross-border remittance platform Kredete announced the completion of a $2.25 million seed round financing, led by BFF, with participation from well-known investment institutions such as Techstars, Tezos Foundation, Polymorphic Capital, Launch Africa, Neer Venture Partners, SDF, and DNA Fund.According to Web3 asset data platform RootData, Kredete is a financial platform dedicated to helping African immigrants build credit and send money home at low costs. Kredete uses stablecoins to significantly reduce transfer fees to less than one dollar.

ChainCatcher message, the European Central Bank (ECB) has released the third progress report on the design of the digital euro, which examines the access and distribution options for the digital euro approved by the ECB Governing Council. In this model, digital euro users will be registered by payment service providers (PSPs) according to their established procedures (such as KYC). In-store sales can be conducted using QR codes or contactless technology, and online payments and offline functionalities will also be possible. PSPs will be able to offer optional and value-added services, such as installment payments or recurring payments. Furthermore, after the launch of the digital euro in the euro area, cross-border transfer capabilities may be enhanced. (source link)

Chain Catcher news, Block's Bitcoin subsidiary TBD, founded by Twitter's Jack Dorsey, is collaborating with Circle to support USDC cross-border transfers and savings. Developers can build various products on open-source infrastructure, including fiat and digital currency deposit and withdrawal channels. (CoinDesk)