UDPN launches tokenized deposit and asset tokenization system

UDPN officially launched its first production system, including stablecoins and asset tokenization solutions. These systems were developed by Hongri Technology in Hong Kong in collaboration with German consultancy GFT to support multi-bank interoperability. UDPN is able to connect tokenized deposits, central bank digital currencies, and stablecoins across multiple banks, and uses a Swift-like messaging mechanism to ensure seamless system connectivity. Previously, UDPN conducted proof-of-concepts with several high-profile institutions, including Standard Chartered, Deutsche Bank, KPMG, and CBDC developer Giesecke+Devrient. These systems are integrated with traditional back-end systems via APIs, and banks can set up business nodes on UDPN to provide tokenized deposit services to corporate clients to bypass the limitations of traditional banking systems. UDPN plans to advance the construction of institutional governance structures in the future to further decentralize the operation of its network.