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Top Japanese Banks Test Cross-Border Stablecoin Transfers

06.09.2024 17:00 1 min. read Alexander Stefanov
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Top Japanese Banks Test Cross-Border Stablecoin Transfers

Japan's major banks—MUFG, SMBC, and Mizuho—are gearing up to test a cross-border stablecoin transfer platform, aiming to speed up international payments for businesses.

The pilot, called “Project Pax,” will utilize stablecoins issued through Progmat, a blockchain startup supported by these banks, alongside SBI Holdings and Japan Exchange Group. Progmat will work with Datachain and TOKI to test cross-chain transactions.

The project plans to use SWIFT’s API framework to help banks settle on blockchain networks, addressing issues like anti-money laundering and compliance. This approach aims to reduce operational redundancy and cut investment costs.

Set to launch with a prototype, Project Pax aims for full commercialization by 2025. According to a blog post, the team highlighted that by integrating regulated stablecoins with secure cross-chain messaging, they are enabling near-instant cross-border settlements for enterprises.

Backed by major financial players, Progmat’s stablecoin platform allows the issuance of stablecoins in various fiat currencies like JPY, USD, and EUR, for both domestic and international use.

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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