Deutsche Bank & Standard Chartered Complete The First Stablecoin Transfer

Deutsche Bank and Standard Chartered Bank have successfully executed the first Universal Digital Payments Network (UDPN) proof-of-concept (PoC), marking a significant milestone in the evolution of financial transactions. This pioneering test involved real-time on-chain transfers and swaps between USDC and EURS stablecoins, utilizing the UDPN infrastructure.

At the core of this PoC was SC Ventures, which established a development environment through UDPN SDKs and APIs, creating decentralized identities and linked digital currency wallets. Following successful onboarding, SC Ventures carried out multiple transfers and swaps of synthetic USDC and EURS to Deutsche Bank’s digital currency wallets, all in real-time and with transaction trails visible on public EtherScan.

Deutsche Bank reciprocated with multiple transfers and swaps to SC Ventures’ digital currency accounts, using a user-friendly graphical interface integrated within its UDPN environment. This collaboration showcased the potential of UDPN business nodes to connect to the UDPN permissioned DLT consensus network, facilitating cross-border transactions in minutes rather than days and addressing interoperability challenges within the cryptocurrency industry.

This PoC is the first in a series of 12, aimed at solving the interoperability puzzle in cross-border payments. The learnings from this phase, covering aspects such as Central Bank Digital Currency (CBDC), digital assets, key custody, and compliance, were extensively deliberated and documented.

Thorsten Neumann, CTO of SC Ventures, expressed his enthusiasm about participating in the first industry pilot on the UDPN platform, highlighting the initiative’s role in bringing the industry together to unlock economic value in emerging digital currencies. He emphasized that tokenized forms of currency are poised to become an integral part of the new financial landscape.

Rafael Otero, CTO of Deutsche’s Corporate Bank, echoed these sentiments, stating that the successful PoC illuminates the potential of stablecoins and CBDCs, moving the financial world a step closer to a digital and regulated future of money.

This collaboration between Deutsche Bank and Standard Chartered Bank via the UDPN platform represents a significant leap forward in the financial industry’s journey towards embracing digital currencies. It not only demonstrates the viability of stablecoin transfers and swaps between major financial institutions but also sets the stage for a future where digital currencies play a central role in global financial transactions.

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