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：金店)

• ·SHIB即将迎来最危险季度：夏季市场前景堪忧
• ·一文读懂鲍威尔重磅鹰派记者会的问答要点
• ·哈佛大学再度起诉特朗普政府：冲突升级至新高度
• ·10月31日博道明远混合C净值增长0.60%，近3个月累计上涨20.92%
• ·商贸币交易平台-
• ·火币怎么充值
• ·2025比特币牛市密码：链上供需、交易活跃度与质押回报揭秘
• ·区块链节点是什么 区块链节点是什么意思啊
• ·递延所得税税率是多少
• ·股票账号销户-股票账号销户怎么操作
• ·xin币价格走势
• ·10月31日富国核心科技12个月持有混合A净值下跌0.44%，近1个月累计下跌5.92%
• ·股票回购类型-股票回购类型一般可以分为
• ·10月31日浙商全景消费混合A净值下跌1.31%，近1个月累计下跌8.75%
• ·lun币交易平台
• ·10月31日中欧半导体产业股票发起C净值增长2.31%，近6个月累计上涨32.66%