🚨🚨🚨Major Shift in Cross-Border Payments! Japanese Banks Embrace Blockchain & Stablecoins🚨🚨🚨
🔍 Breaking News: Japan's largest banks—MUFG, SMBC, and Mizuho—are leading a revolutionary shift in cross-border payments by integrating blockchain technology with SWIFT for seamless, 24/7 transactions! 🚀
💼 Project Pax is the name of this ambitious initiative, aiming to replace traditional correspondent banks with a stablecoin-based system, hidden behind familiar banking tools. This means faster, more efficient international payments, all while users remain unaware they're using blockchain! 🔗
🌐 How It Works:
- SWIFT Integration: The project links blockchain tech to SWIFT, the global standard for international payments, enabling smooth, conventional transactions.
- Stablecoins Behind the Scenes: The stability and efficiency of stablecoins are utilized without disrupting the traditional user experience.
- 24/7 Availability: Payments can now be completed anytime, accelerating the entire process.
🛠️ Powered by Progmat: The system is built on Progmat, a tokenization network by MUFG, with support from Mizuho, SMBC, and other institutions. This network is also behind a new stablecoin venture with the DMM Group, further expanding Japan's blockchain ecosystem. 🌐💰
🚧 What’s Next?
- Testing Phase: The Pax consortium is set to begin testing a prototype soon, with plans to fully launch the platform by 2025.
- Global Collaboration: Japanese banks are also looking to partner with other international institutions to broaden this game-changing platform.
📈 Why It Matters:
- Streamlined Payments: This initiative could drastically reduce the time and cost of international transactions, setting a new standard for the global financial system.
- Stablecoin Adoption: Japan's stablecoin law, passed in 2022, has paved the way for this development, signaling a growing acceptance and adoption of digital currencies.
💬 What Do You Think?
Could this be the future of cross-#TON
