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：发现基金)

• ·区块链浏览器是什么？盘点十大区块链浏览器
• ·火币有闪兑
• ·资源性股票-资源性股票有哪些
• ·10月31日汇添富科技创新混合A净值增长0.63%，近3个月累计上涨19.18%
• ·高新技术企业研发费用账务处理
• ·西部矿业：稀贵金属于2024年投料试生产，多金属选矿技改工程将增加产量4万吨/年，双利矿业露转地改扩建项目预计2025年末投料试车
• ·带息应收票据会计分录怎么做
• ·火币风险
• ·SOL币与BCH的区别详解
• ·数字货币交易平台手续费
• ·比特币突破111500美元关口，24小时涨幅达4.2%
• ·10月31日中欧时代智慧混合C净值下跌0.15%，近1个月累计下跌7.75%
• ·比特币交易平台哪个最安全？十大虚拟货币交易平台
• ·火币网冻结
• ·瑞士信贷：“杯柄”结构是否有助于货币突破 4.18 美元的阻力位？
• ·豆豆钱额度0是什么意思？