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：金店)

• ·云端挖矿平台
• ·如何进入区块链技术
• ·比特币未平仓合约创下 800 亿美元纪录，价格跌破 11.1 万美元
• ·10月31日长城创新驱动混合A净值增长3.36%，近6个月累计上涨30.59%
• ·比特币发行行情-比特币发行行情最新消息
• ·红杉资本、软银等公司 因教唆FT欺诈而面临诉讼
• ·股票拉升意思-股票拉升意思是什么
• ·10月31日兴证资管金麒麟均衡优选一年持有混合C净值下跌0.14%，近1个月累计下跌3.08%
• ·怎么结转生产成本
• ·Twittr 告别 Blubird 埃隆·马斯克将平台更名为
• ·哪里看比特币行情-哪里看比特币行情最准确
• ·10月31日富国研究精选灵活配置混合D净值增长0.15%，今年来累计上涨11.46%
• ·日本对 Cardano 的热情高涨，推动 ADAJPY 交易量达到 1.21 亿美元，位居全球第二
• ·谁是保险缴费的主体，必须是投保人吗？
• ·十大虚拟币钱包排行
• ·全球多少支持比特币