1 year ago
Japanese banks to test cross-border stablecoin transfers via SWIFT
Japanese Banks Innovate with Stablecoin Transfers
Three of Japan's largest financial institutions are set to trial cross-border stablecoin transfers using SWIFT's API. This initiative, known as Project Pax, aims to revolutionize global remittances by enabling 24/7 transactions with reduced operational costs.
The project will incorporate Inter-Blockchain Communication protocols, allowing transfers across different blockchain networks. Progmat and Datachain, backed by MUFG, are playing crucial roles in developing the stablecoin infrastructure for this initiative.
The goal is to create a platform for enterprise users, enabling faster and more cost-effective international transfers without needing to be overly conscious of the presence of stablecoins or blockchain technology.
- Three major Japanese banks will trial stablecoin transfers using SWIFT's API.
- Project Pax aims to enable 24/7 cross-border transactions with reduced operational costs.
- The initiative will support transfers across different blockchains using Inter-Blockchain Communication protocols.
- Progmat and Datachain are key players in Japan's stablecoin infrastructure development.
- Full commercialization of the project is expected by 2025.
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