Standard Chartered and Deutsche Bank completed the first PoC for the Universal Digital Payments Network, which included the transfer and swap of synthetic stablecoins.
- Standard Chartered’s SC Ventures and Deutsche Bank have announced the successful completion of the first proof of concept for the Universal Digital Payments Network , a blockchain-based messaging system designed to provide interoperability between stablecoins and central bank digital currencies .
The main goal behind the development of UDPN is to overcome the adoption barriers faced by current digital asset offerings and facilitate interoperability. Once the onboarding process was completed, SC Ventures initiated multiple transfers and swaps of synthetic USDC and EURS to digital wallets controlled by Deutsche Bank. The transactions were signed with SC Ventures’ private key, and data related to the transactions can be viewed on any Ethereum explorer, such as EtherScan.
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