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：市场数据)

• ·比特币价格触底了吗？矿工指标透露市场关键讯号
• ·7月份呼和浩特穿什么-7月份呼和浩特穿什么衣服
• ·私钥丢失了怎么办？安全存放私钥的最佳方式
• ·企业所得税应纳税所得额公式
• ·btc火币今日行情-
• ·比特儿交易所
• ·奈杰尔·法拉奇将在比特币 2025 大会上发表演讲
• ·莱特币挖矿软件设置
• ·发放现金股利对所有者权益有什么影响
• ·　　HTC弃手机攻VR走险棋，转型发展或能置之死地而后生　　从经营战略上来看，HTC弃手机转VR的做法，没有什么不对。
• ·股票基本流程-股票交易的基本流程是怎样的
• ·小树时代怎么还款呢？到还款日了，我不知道该怎么还款。
• ·First Ledger 表示无需担心 XRP 价格，因为 XRP 是标准
• ·宜人贷极速模式周末审核吗，我想在周末的时候申请可以吗？
• ·区块链应用是什么 区块链应用是什么意思
• ·虚拟币钱包开发教程-虚拟币钱包开发教程视频