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

(责任编辑：创业研究)

• ·比特币内存池：中继网络动态
• ·10月31日平安医疗健康混合A净值下跌1.27%，今年来累计下跌5.5%
• ·比特币几次减半行情
• ·万事达卡第三季度调整后每股收益为3.89美元
• ·企业注销应收应付账款如何处置
• ·益生股份(002458.SZ)：整体预计四季度鸡苗价格会高于三季度
• ·Spark 与 Breez 合作推出用于闪电支付的比特币原生 SDK
• ·ETH云币钱包
• ·币交所交易平台是什么
• ·360借条放款时间要多久？
• ·比特大价格行情-比特价格行情走势
• ·环球币最新通知-Global Coin向用户发出的最新通告
• ·随着比特币价格创下新高，Metaplanet 也创下历史新高
• ·融资周报 | 公开融资事件28起；去中心化音乐流媒体平台Tune.fm融资5000万美元，Animoca Brands等参投
• ·mith币价格行情
• ·上市 股票发行价格-上市股票发行价格最低多少