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：财富观察)

• ·生日红包发多少？这份攻略不尴尬！生日发多少红包合适
• ·研究人员从 8 份文件中论证 XRP 为何可能成为下一个比特币
• ·密码货币交易平台有哪些？十大密码货币交易所排名
• ·招财币是什么 招财币是什么样的
• ·肺炎支原体抗体阳性是啥？肺炎支原体抗体阳性是什么意思
• ·10月31日招商成长量化选股股票C净值增长0.42%，近3个月累计上涨12.6%
• ·任性是啥？看完秒懂！任性是什么意思
• ·恒币交易平台
• ·一百张百元大钞到底值多少？一百张一百元多少钱
• ·10月31日中海沪港深多策略灵活配置混合净值增长0.14%，今年来累计上涨16.57%
• ·币圈usdt交易平台排名 usdtusdt交易平台前10排行
• ·今日最值得关注的加密货币预售项目？投资者称其或将成为下一个 TAO
• ·币圈十大交易所排名 货币交易所在全球排名排行榜
• ·Tron 达到 2025 年的重要里程碑，所有 TRX 持有者都实现了盈利
• ·rsr是什么币？rsr币价格今日行情
• ·华菱精工(603356.SH)股东捷登零碳暂未增持公司股份