Japan's three major banks will participate in testing stablecoin cross-border transfer platforms
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
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Related report: Binance Japan seeks cooperation with Mitsubishi UFJ Financial Group to launch Japanese yen stablecoin
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