Japan’s major banks, including Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, are supporting Project Pax, a new stablecoin initiative aimed at enhancing global trade by streamlining cross-border transactions. The project, led by blockchain companies Datachain, Progmat, and TOKI, plans to use stablecoins to address inefficiencies in the $182 trillion global cross-border payments market, as identified by the G20. The initiative will integrate stablecoins into the international business settlement process, leveraging Swift’s API framework to ensure regulatory compliance and operational efficiency.