Japan Backs New Stablecoin Platform to Enhance Cross-Border Payments
Datachain has unveiled Project Pax, a new platform designed to streamline international business transactions through stablecoins.
This initiative, announced on September 5, has garnered backing from Japan’s largest banks, including Mitsubishi UFJ, Sumitomo Mitsui, and Mizuho.
Project Pax addresses significant challenges in the $182 trillion cross-border payments market, such as slow processing times and high costs.
By using stablecoins, the platform aims to make cross-border transactions faster and more affordable. This solution is intended to enhance transparency and efficiency in international payments.
READ MORE: Ripple to Launch US Dollar-Pegged Stablecoin Soon
The platform will utilize Swift’s API framework to integrate with blockchain technology, addressing regulatory and operational issues while facilitating smoother transactions. This move could potentially change how stablecoins are used in global business settlements.
Recently, Bitcoin prices fell by 6.5%, influenced by the Bank of Japan’s announcement of continued interest rate hikes. This has raised concerns about the potential impact on risk assets, including Bitcoin.
Alexander Stefanov
Reporter at CoinsPress
Alex is Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
