Monday, December 11, 2023

Deutsche Financial institution Trials a SWIFT Different for Stablecoins



Deutsche Financial institution and Commonplace Chartered’s SC Ventures are testing a system that may enable blockchain-based transactions, stablecoins, and central financial institution digital currencies (CBDCs) to speak to at least one one other, taking an strategy just like the SWIFT messaging layer in legacy banking infrastructure. The banks are working a collection of take a look at circumstances, together with transferring and swapping USDC stablecoins, on the Common Digital Funds Community (UDPN), a permissioned blockchain system composed of validator nodes run by an alliance of banks, monetary establishments and consultancies. The system, created by tech consultancy GFT Group and Crimson Date Know-how, the co-founder of the Chinese language Blockchain-Primarily based Service Community (BSN), instructs and permits transactions to happen throughout a spectrum of networks, starting from stablecoins on public blockchains to CBDCs.

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