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：现货金)

• ·材料成本差异是备抵账户吗
• ·安卓哪里下载meme币交易所 meme币交易所App官方
• ·Avalanche Game进军Steam平台，NFT市场热度持续攀升
• ·10月31日银河美丽混合A净值下跌1.60%，近6个月累计下跌9.15%
• ·种子轮投资平台-种子轮投资公司有哪些
• ·熵币有什么投资价值
• ·比特币价格巅峰-比特币价格巅峰是多少
• ·CEEK VR (CEEK)在哪里可以买到？推荐的交易平台汇总
• ·Rbox价格高端定制-rbox全屋定制
• ·10月31日诺德新盛灵活配置混合C净值下跌0.45%，近1个月累计上涨1.23%
• ·比特币未平仓合约创下800亿美元新高
• ·股票何时卖出最合适
• ·个人所得税中应补退税额是什么意思
• ·易欧okx下载使用全官网，助您轻松掌握交易技巧
• ·Japan's three major banks will participate in testing stablecoin cross-border transfer platforms
• ·请问广发银行visa信用卡好吗？