Standard Chartered and Deutsche Bank execute stablecoin payments via UDPN blockchain

SC Ventures, a subsidiary of Standard Chartered Bank, and Deutsche Bank said they have completed the first proof of concept (PoC) of the Universal Digital Payments Network (UDPN). UDPN aims to provide a decentralized identity infrastructure that enables compliance and cross-chain interoperability by exchanging messages rather than currencies. Currency transactions occur on its native blockchain or infrastructure. This means that, through UDPN, users can exchange USDC on one network for Euro stablecoins or bank deposit tokens on another network. During the trial, SC Ventures made multiple real-time transfers and exchanges of synthetic USDC and EURS (Stasis Euro stablecoin) to Deutsche Bank wallets. The trial by Standard Chartered Bank and Deutsche Bank is one of more than a dozen PoC trials planned by UDPN. Other use cases include enabling banks to issue deposit tokens for use by customers or wholesale settlement between banks. The third PoC supports Gas-free transactions on public blockchains. (Ledger Insights)