STABLE ASSET

A Hong Kong-based blockchain firm has developed a digital payments system that works similarly to the SWIFT system, with the goal of bridging the gap between stablecoins and CBDCs.A “number of global tier 1 banks,” according to a press release, are already engaging in use case proof of concepts (POCs) to test the network in cross-border transfers and swaps.<h2 id="header-0">How a SWIFT system for stablecoins, CBDCs could work</h2>During the World Economic Forum (WEF) 2023 meeting in Davos, Switzerland, Red Date Technology, China’s leading blockchain company, introduced the Universal Digital Payment Network (UDPN).The UDPN is a distributed ledger technology (DLT) platform, according to its <a href="https://www.udpn.io/assets/pdf/UDPN-white%20paper-MM_170123.pdf" rel="noopener noreferrer nofollow">white paper</a>, that would function similarly to what the SWIFT network does for banks, but only for stablecoins and CBDCs.“Just as the SWIFT network created the original common standard for messaging between financial institutions across different settlement systems, the UDPN will serve the same purpose for the emerging generation of CBDCs and stablecoins,” it explained.The network has eight further proof-of-concept tests planned, including the creation and distribution of a <a href="https://micky.com.au/russia-iran-stablecoin-backed-by-gold-in-the-works/" rel="noopener noreferrer nofollow">CBDC and bank-issued stablecoin</a>, as well as the use of UDPN as an e-commerce payment gateway.The stablecoins that will be used in the POC were concealed. However, the network’s whitepaper states that it only accepts “regulated fiat-backed stablecoin currency systems” as payment options.

Hong Kong blockchain firm launches payments system for CBDCs, stablecoin similar to SWIFT

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