According to BlockBeats, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation and Mizuho Bank will pilot a stablecoin platform "Project Pax" to facilitate cross-border transfers. The platform is supported by Progmat to issue stablecoins and SBI Holdings and Japan Exchange Group.
The project, operated by Progmat, Datachain and TOKI, plans to use SWIFT’s banking API framework for settlement on a blockchain network, addressing anti-money laundering and compliance challenges and reducing investment costs.
"Project Pax" will start with a prototype and aim to achieve commercialization by 2025.