Red Date Technology, the state-backed company behind the Blockchain Service Network, hopes its new Universal Digital Payments Network will serve the same role as the Society for Worldwide Interbank Financial Telecommunication (Swift), but for stablecoins and central bank digital currencies. Photo: Bloomberg
Company behind China’s state-backed blockchain project aims to create Swift for stablecoins and CBDCs
- The Universal Digital Payments Network facilitates cross-border payments between stablecoins with plans for central bank digital currencies
- Red Date Technology, which develops the Blockchain Service Network, announced the launch of the network at the World Economic Forum in Davos
Red Date Technology, the state-backed company behind the Blockchain Service Network, hopes its new Universal Digital Payments Network will serve the same role as the Society for Worldwide Interbank Financial Telecommunication (Swift), but for stablecoins and central bank digital currencies. Photo: Bloomberg
Corrected [6:06pm, 26 Jan, 2023]
- [6:06pm, 26 Jan, 2023]
A previous version suggested UDPN was a government-backed project. The story has been updated with comments from Red Date on the funding of the project.
We are part of the Trust Project What is it?
