Japan's three largest banks join forces to test the cross-border stablecoin transfer platform Project Pax, planning for commercial use by 2025.
Powered by ChatGPTDeep Tide TechFlow News, Japan's three major banks - Mitsubishi UFJ Bank (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank - will jointly pilot a cross-border stablecoin transfer platform aimed at providing faster international settlement services to enterprises.
The pilot project, named "Project Pax," will utilize a stablecoin issued by Progmat, a blockchain startup supported by SBI Holdings and the Japan Exchange Group.
The project will be jointly operated by Progmat, Datachain, and TOKI to test cross-chain transactions.
The project plans to use the existing API framework of SWIFT to instruct Progmat to settle on the blockchain network, helping to address compliance challenges such as anti-money laundering.
"Project Pax" is planned to start from a prototype with the goal of commercializing the platform by 2025. Progmat has established the "Progmat Coin" stablecoin platform, which can issue various stablecoins denominated in major fiat currencies such as the Japanese Yen, US Dollar, and Euro, supporting flexible domestic and international use.