Standard Chartered Bank's SC Ventures and Deutsche Bank have completed the first stablecoin swaps on the Universal Digital Payments Network, according to a report.
The on-chain swaps were between the USDC and EURS stablecoins, using SC Ventures and Deutsche Bank digital currency wallets, Financial Express reported. The transactions were signed with SC Ventures’ private key.
As part of a proof of concept test, SC Ventures was cited as using UDPN-based SDKs and APIs to create decentralized identities and linked digital currency wallets. Deutsche Bank reportedly initiated its swaps via a graphical user interface, with both financial institutions relying on UDPN business nodes to connect to the network.
What is UDPN?
The UDPN was launched in January of this year at the World Economic Forum's annual meeting in Davos, Switzerland. The aim of the network is to provide interoperability between regulated stablecoins and central bank digital currencies.
The network's infrastructure is designed to connect digital currencies, commercial banks and e-commerce platforms.
The UDPN has a sandbox environment that is currently being tested by a number of banks for future stablecoin, CBDC and digital foreign exchange transactions.
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