Japan's three largest banks will participate in the testing of a cross-border stablecoin transfer platform.
Powered by ChatGPTForesight News reports that Japan's three largest banks, Mitsubishi UFJ Financial Group, Sumitomo Mitsui Banking Corporation, and Mizuho Financial Group, will test a cross-border stablecoin transfer platform named 'Project Pax.' The pilot project will utilize a stablecoin issued by Progmat, a blockchain startup supported by SBI Holdings and the Japan Exchange Group. Progmat, Datachain, and TOKI will operate the platform to facilitate cross-chain transaction testing. The project plans to leverage SWIFT's existing bank API framework to instruct Progmat for settlements on the blockchain network. The pilot testing of Project Pax is set to commence shortly with a prototype, aiming to expand cooperation with more countries and financial institutions, with the goal of commercializing the platform by 2025.