In collaboration with Standard Chartered Bank, Deutsche Bank has successfully carried out stablecoin payments on the Universal Digital Payments Network (#UDPN ) blockchain.
Through message standards and interoperability, the UDPN architecture intends to make payments between various Central Bank Digital Currencies (CBDCs) and #blockchain networks easier.
A big step forward in the adoption of blockchain technology by conventional financial institutions is the successful stablecoin transfer and swap between Deutsche Bank and Standard Chartered Bank.
The collaboration between the two banks is a part of a larger pattern in which major financial institutions are investigating stablecoin's potential to enhance international payments.
Stablecoins may speed up and lower the cost of international transfers while also enhancing security and transparency.
Blockchain technology has the ability to revolutionise the established financial system and boost the effectiveness of international payments, as demonstrated by the banks Deutsche Bank and Standard Chartered's successful execution of stablecoin transfers.