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：货币)

• ·光大银行信用卡阳光银联金卡审批通过多久下卡啊，怎么查询进度啊？
• ·深入了解ONDO：值得长期投资吗？
• ·福利费可以直接入管理费用吗
• ·小规模家政服务公司缴纳什么税
• ·43开头股票
• ·cnyt币历史行情
• ·国债投资收益是否缴纳增值税
• ·消耗性生物资产怎么做成本核算
• ·2018京东白条激活失败是为什么，我试了好几次都不行
• ·美国比特币交易平台
• ·比特币突破 107,000 美元——这对山寨币意味着什么
• ·什么数字钱包最安全-什么数字钱包最安全方便提现
• ·多空飞弹中的黄金逆袭：下一个爆点在哪里？｜黄金头条
• ·广发信用卡补卡进度怎么查询啊？
• ·会议餐费入什么科目
• ·股票中阳线