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Will Japan's megabanks successfully complete a cross-border payment using Project Pax by March 31, 2025?
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Japan•Mitsubishi UFJ Financial Group•MUFG•Sumitomo Mitsui Banking Corporation•SMBC•Mizuho Bank•Project Pax
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Official statements from MUFG, SMBC, Mizuho Bank; Financial news outlets
Story
Japan's Megabanks to Use Blockchain, Stablecoin Platform Project Pax for Instant International Payments
Sep 6, 2024, 09:30 AM
Japan's three megabanks, Mitsubishi UFJ Financial Group (MUFG), Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank, are developing a framework for instant international payments using blockchain technology on top of the existing payment infrastructure. The initiative, which also involves testing a cross-border stablecoin transfer platform called Project Pax, aims to facilitate faster international settlements. The banks are eyeing commercial use of this technology next year.
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