SC Ventures and Deutsche Bank Execute First Stablecoin Swaps on UDPN Blockchain

SC Ventures, the venture capital arm of Standard Chartered Bank, and Deutsche Bank have successfully conducted the first stablecoin swaps on the Universal Digital Payments Network (UDPN), according to a report published on Monday. UDPN is a blockchain-based messaging system that supports government-regulated digital currency systems and central bank digital currencies (CBDC).

Proof-of-Concept Transaction

The initial proof-of-concept (PoC) involved real-time on-chain swap testing between the USDC and EURS stablecoins, conducted by SC Ventures and Deutsche Bank. The transactions were visible on public EtherScan and were signed with SC Ventures’ private key.

“This initiative brings the industry together to identify opportunities to unlock economic value in newly emerging digital currencies,”

– Thorsten Neumann, CTO of SC Ventures

Neumann further added, “Financial service providers and fintechs are well-positioned to experiment with stablecoins and CBDC use-cases that benefit from the finality of on-chain transactions.”

Technological Implementation

To execute the stablecoin swaps, SC Ventures utilized code leveraging UDPN SDKs and APIs, while Deutsche Bank employed a graphical user interface (UI).

“[This is] the next logical step in the development of financial transactions,”

– Rafael Otero, CTO of Deutsche’s Corporate Bank division

Rafael Otero, the CTO of Deutsche’s Corporate Bank division, referred to this achievement as the “next logical step” in the evolution of financial transactions.

The successful PoC demonstrated the capability of UDPN to address the challenge of interoperability in cross-border payments. This process took several weeks to complete and highlighted the potential for greater collaboration among stakeholders. It also paves the way for exploring other topics, such as facilitating gasless transactions on the blockchain.

Advantages of UDPN

UDPN harnesses the power of messaging for cryptocurrencies, enabling faster transactions and eliminating the need for reconciliations. It aims to unlock the economic value in emerging digital currencies and CBDCs.

The UDPN blockchain initiative is led by Red Date Technology, a co-founder of the Chinese Blockchain-Based Service Network (BSN), in collaboration with various prominent organizations and alliances.

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