Deutsche Bank and Standard Chartered have carried out the first digital currency transfer and swap on the new Universal Digital Payments Network (UDPN).
In brief:
-UDPN is a DLT-underpinned messaging backbone that promises to provide interoperability between stablecoins and CBDCs to enable connectivity between any business IT system and regulated digital currencies.
-The network - set up by GFT Group and Red Date Technology - describes itself as a "gateway for businesses and financial institutions to use regulated digital currencies in cross-border transactions".
-In the first proof-of-concept for the network, Deutsche and Standard Chartered's SC Ventures executed a real-time on-chain transfer and swap test transactions between USDC and EURS stablecoins on the infrastructure.
What does this mean?
Thorsten Neumann, CTO, SC Ventures, says: "This initiative brings the industry together to identify opportunities to unlock economic value in newly emerging digital currencies.
