Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • TRADE
Crypto Flexs
Home»ADOPTION NEWS»Japan’s Big Three Banks to Test Cross-Border Stablecoin Transfer Platform
ADOPTION NEWS

Japan’s Big Three Banks to Test Cross-Border Stablecoin Transfer Platform

By Crypto FlexsSeptember 6, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Japan’s Big Three Banks to Test Cross-Border Stablecoin Transfer Platform
Share
Facebook Twitter LinkedIn Pinterest Email

Posted 1 minute earlier ~ in

Updated: September 6, 2024 5:59 AM EDT

Japan’s three largest banks (MUFG, SMBC, Mizuho) will pilot a cross-border stablecoin transfer platform to provide faster international payments for businesses.

The pilot, dubbed “Project Pax,” will utilize a stablecoin issued by Progmat, a blockchain startup backed by the three banks, SBI Holdings and Japan Exchange Group, according to Thursday. press releaseThis project is operated by Progmat, Datachain, and TOKI to facilitate cross-chain transaction testing.

The project plans to use SWIFT’s existing API framework for banks to instruct Progmat to make payments on the blockchain network, which could help address anti-money laundering and other compliance challenges. “This will allow financial institutions to avoid operational duplication and minimize investment costs due to fiat currency transfers,” the project said.

“Project Pax” will start as a prototype and aims to commercialize the platform by 2025, the company said in a statement.

“By integrating these regulated stablecoins with a truly open and secure cross-chain messaging standard, with the current cross-border messaging framework, we are enabling cross-border payments for businesses at internet speeds,” the team separately said. Blog Posts.

Progmat has built its own stablecoin platform, “Progmat Coin,” with the support of several major financial institutions in Japan. The project added that “(various) stablecoins issued using the ‘Progmat Coin’ platform can be denominated in major legal currencies such as JPY, USD, and EUR, allowing flexible use both domestically and internationally.”


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Algorand (Algo) Get momentum in the launch and technical growth.

July 14, 2025

It flashes again in July

July 6, 2025

Stablecoin startups surpass 2021 venture capital peaks as institutional money spills.

June 28, 2025
Add A Comment

Comments are closed.

Recent Posts

Bitcoin Price $ 123K Explosion -Trader Brace for Brake Out

July 20, 2025

Ether Lee Rium breaks $ 3K with 7,200% of the virus L2 coin eyes.

July 20, 2025

XRP Breaks Through $3.5! DL Mining Launches AI Cloud Mining Contracts, Earning Steady Profits Every Day

July 20, 2025

AAVE gains strength as AAVE dominates defect loans with net deposits of $ 50B or more.

July 19, 2025

As XRP Surges, DLMining Platform Opens New High-yield Cloud Mining Opportunities For Holders

July 19, 2025

Missed Out On Bitcoin At $9999? SIM Mining Cloud Mining Brings You New Opportunities For Wealth!

July 19, 2025

NFT is a rebound -there is a teenage NFTS this week.

July 19, 2025

MultiBank Group To List $MBG Token On Gate.io And MEXC During Official Token Generation Event

July 18, 2025

Earn $4,777 Daily! PaxMining Leads 2025’s Record-Breaking Bitcoin Mining Boom

July 18, 2025

GSR Leads $100M Private Placement Into Nasdaq-listed MEI Pharma To Launch First Institutional Litecoin Treasury Strategy Alongside Charlie Lee

July 18, 2025

KuCoin Launches XStocks, Delivering A One-Stop Access Point To Top Global Tokenized Equities

July 18, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Bitcoin Price $ 123K Explosion -Trader Brace for Brake Out

July 20, 2025

Ether Lee Rium breaks $ 3K with 7,200% of the virus L2 coin eyes.

July 20, 2025

XRP Breaks Through $3.5! DL Mining Launches AI Cloud Mining Contracts, Earning Steady Profits Every Day

July 20, 2025
Most Popular

Note that may be adopted first of Bitcoin reserves: Report

March 1, 2025

Ethereum Communication Announcement

April 25, 2024

Hong Kong Monetary Authority’s project mBridge achieves MVP milestone

June 5, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.