Standard Chartered Bank and Deutsche Bank Complete First Stablecoin Swaps on UDPN
Standard Chartered Bank’s SC Ventures and Deutsche Bank have successfully conducted the first stablecoin swaps on the Universal Digital Payments Network (UDPN), as reported by Financial Express.
The swaps were made between the USDC and EURS stablecoins, utilizing the digital currency wallets of SC Ventures and Deutsche Bank. The transactions were signed using SC Ventures’ private key.
During a proof of concept test, SC Ventures utilized UDPN-based SDKs and APIs to create decentralized identities and linked digital currency wallets. On the other hand, Deutsche Bank initiated its swaps through a graphical user interface, with both institutions connecting to the network via UDPN business nodes.
Understanding UDPN
Launched at the World Economic Forum’s annual meeting in Davos, Switzerland earlier this year, UDPN aims to establish interoperability between regulated stablecoins and central bank digital currencies.
The network’s infrastructure is designed to connect digital currencies, commercial banks, and e-commerce platforms. Several banks are currently testing UDPN’s sandbox environment for future stablecoin, CBDC, and digital foreign exchange transactions.
Hot Take: A Step Forward in Stablecoin Swaps
The completion of the first stablecoin swaps on the Universal Digital Payments Network marks a significant milestone for both Standard Chartered Bank and Deutsche Bank. This achievement demonstrates their commitment to embracing digital currencies and exploring new possibilities in the financial landscape.
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