A Hong Kong-based blockchain company has launched the Universal Digital Payment Network (UDPN), which bridges the gap between stablecoins and CBDCs.
Hong Kong-based Red Date Technology (RDT), which contributes to China’s creation of national blockchain projects, announced that it has launched a new project in Davos. Attending the WEF in Davos, Switzerland, RDT has created a SWIFT-like system for stablecoins and CBDCs. UDPN will provide a service similar to the functionality that the SWIFT network adds to banks to the blockchain side. This work will also be instrumental in increasing the participation of countries.
China-based Blockchain Project Launches SWIFT-Like Service
Red Date Technology (RDT), a Hong Kong-based blockchain company, has attracted attention with its project similar to the SWIFT network that preceded traditional banking.
RDT has launched the Universal Digital Payment Network (UDPN) as part of blockchain improvements. UDPN is a distributed ledger technology (DLT) project that will serve stablecoins and CBDCs.
Corporate companies such as GFT Technologies and DLA Piper will also contribute to the development of UDPN. The following explanations were given by the project regarding the subject;
“Just as the SWIFT network created the original common standard for messaging between financial institutions in different payment systems, UDPN will serve the same purpose for next-generation CBDCs and stablecoins.”
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