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Japanese Banks to Trial Stablecoin Platform for Cross-Border Transfers

06/09 18:04

According to BlockBeats, on September 6, Mitsubishi UFJ Bank, Sumitomo Mitsui Bank, and Mizuho Bank announced plans to trial a stablecoin platform aimed at facilitating cross-border transfers. The pilot project, named 'Project Pax,' will utilize stablecoins issued by blockchain startup Progmat, which is supported by SBI Holdings and the Japan Exchange Group. The initiative will be operated by Progmat, Datachain, and TOKI to test cross-chain transactions. The project intends to leverage SWIFT's existing bank API framework to direct Progmat for settlement on blockchain networks. This approach aims to address anti-money laundering and other compliance challenges. The project statement highlighted that this method allows financial institutions to avoid operational redundancies associated with fiat currency transfers and minimize investment costs. 'Project Pax' will begin with a prototype, with the goal of commercializing the platform by 2025.

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