Golden Finance reported that Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank will pilot a stablecoin platform to facilitate cross-border transfers. The pilot test, called "Project Pax," will utilize stablecoins issued by Progmat, a blockchain startup backed by SBI Holdings and Japan Exchange Group. The project will be operated by Progmat, Datachain and TOKI to facilitate testing of cross-chain transactions. The project plans to use SWIFT's existing banking API framework to instruct Progmat to settle on a blockchain network. This helps address anti-money laundering and other compliance challenges. The project said: "This enables financial institutions to avoid operational redundancy in fiat currency transfers and minimize investment costs." According to the statement, "Project Pax" will start with a prototype with the goal of commercializing the platform by 2025.