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：汇率)

• ·特朗普的加密晚宴，大家都吃了什么？
• ·岱勒新材(300700.SZ)：段志明、杨辉煌拟合计转让5.01%股份
• ·Venom 基金会在封闭网络压力测试中实现 150,000 TPS，为 2025 年主网升级铺平道路
• ·京基智农：2024年9月销售生猪22.81万头，商品猪销售均价19.11元/kg，母猪存栏约11.62万头
• ·btc价格走势表-btc行情价格
• ·10月31日格林高股息优选混合A净值增长0.41%，近3个月累计上涨16.87%
• ·日本通胀率升至3.5%，为两年来最快
• ·银行存款积分是什么？如何获取和使用积分？
• ·比特币行情数据来源-比特币行情数据来源是什么
• ·10月31日博时科技驱动混合C净值增长0.91%，近3个月累计上涨12.13%
• ·特朗普税改法案引发财政担忧，国债收益率维持高位
• ·10月31日广发成长启航混合C净值增长2.99%，近3个月累计上涨36.41%
• ·比特币周末将进一步上涨？买家势头复苏预示着这一点
• ·10月31日中欧匠心两年持有期混合C净值下跌0.83%，近1个月累计下跌7.22%
• ·“事情即将变得愚蠢”：分析师称比特币即将迎来自诞生以来最激进的扩张
• ·doge钱包怎么使用