Deutsche Bank and SC Ventures have successfully transferred and exchanged stablecoins using the Universal Digital Payments Network (UDPN), which can be likened to SWIFT for connecting CBDC and stable coins.
As part of a proof of concept, SC Ventures created a development environment and utilized the UDP SDK and API to establish decentralized identities and digital currency wallets.
After completing the registration process, Standard Chartered’s venture arm initiated multiple transfers and swaps of USDC and EURS to Deutsche Bank’s digital currency wallets.
These transactions were signed and publicly accessible through the Etherscan blockchain browser. In the meantime, Deutsche Bank also initiated various transfers and swaps to SC Ventures’ accounts through a user-friendly interface integrated into their dedicated UDPN environment.
Both financial institutions relied on UDPN business nodes to connect to the permissioned network, with one supporting transactions in USDC and the other in EURS.
This was the first of 12 planned experiments, conducted over several weeks, to demonstrate how UDPN addresses the interoperability issue in cross-border payments.
Future experiments will focus on different use cases, and Red Date Technology will collaborate with several global banks, fintech companies, and payment service providers, although their names have not been disclosed.
