Davos-launched blockchain project aims to be the of stablecoins and CBDCs

SWIFT-style system for bank-issued and regulated digital currencies was launched by a firm involved in building

China’s national blockchain project. A Hong Kong-based blockchain company has launched a digital payments

Red Date Technology, the blockchain infrastructure firm that is also leading one of China’s blockchain efforts, launched the Universal Digital Payment Network (UDPN) on Jan. 19 during the World Economic Forum (WEF) 2023 meeting in Davos, Switzerland.

Tech engineering company GFT Technologies and the digital asset creation engine TOKO from law

According to its white paper, the UDPN is a distributed ledger technology (DLT) platform that would serve a similar purpose to what the SWIFT network does for banks, except for stablecoins and CBDCs.

“Just as the SWIFT network created the original common standard for messaging between financial institutions across different settlement systems, the UDPN will serve the same purpose for the emerging generation of CBDCs and stablecoins.”

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