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 an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
