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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Long and Short Positions in Crypto Explained for Beginners

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

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    The Future of Gambling: How Casino Sites Are Leveraging Web3

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Matt Furie NFTs Crater 97% After Mint Exploit

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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    SoonVerse Partners with Arris to Enhance User Experience

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  • Guides
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    A Step-by-Step Guide for Beginners

    Long and Short Positions in Crypto Explained for Beginners

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    What Is Fully Diluted Valuation (FDV) in Crypto?

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    What Does FUD Mean in Crypto? The Fear, Uncertainty, and Doubt Effect

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    What Is Yield Farming in Crypto? A Beginner’s Guide to DeFi Income

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    What Is Asset Tokenization? Types, Why It Matters Now [2025]

    What Is Asset Tokenization? Types, Why It Matters Now [2025]

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  • Analysis
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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    An SBF Testimony Could Add ‘Decades’ to His Prison Sentence, According to Lawyer – Here’s Why

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

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    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

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Home Blockchain

Standard Chartered and Deutsche Bank Completes Stablecoin Trial on UDPN blockchain

October 25, 2023
in Blockchain
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Standard Chartered and Deutsche Bank Completes Stablecoin Trial on UDPN blockchain
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Big banks are racing to adopt blockchain’s leading use case, with Standard Chartered and Deutsche Bank the latest to trial stablecoin payments.

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Stablecoins are arguably one of the leading use cases for blockchain technology, with a combined market capitalization of over $100 billion. The world’s biggest banks recognize the opportunity embedded in stablecoins and have been keen to adopt the technology.

On Monday, SC Ventures, the development arm of banking giant Standard Chartered and Germany’s Deutsche Bank, announced the completion of a stablecoin payments trial. The banks executed the proof of concept (PoC) using the Universal Digital Payments Network (UDPN).

Unlike public blockchains, the UDPN is a messaging network that enables the exchange of central bank digital currencies (CBDCs) and regulated stablecoins. The goal is to enable interoperability between the numerous stablecoins that exist and more closed-end digital currencies such as CBDCs or bank-issued deposit tokens.

Like SWIFT in the traditional banking world, UDPN also uses messages to communicate between banks. However, it combines messages with the transaction functionality on the blockchain to enable asset transfers.

For the recently concluded pilot, the banks completed multiple real-time transfers and swaps using synthetic versions of Circle’s USDC stablecoin and EURS (Stasis Euro stablecoin). On one end of the transactions, SC Ventures employed code that leveraged native UNDP technology stack such as APIs and SDKs. Deutsche Bank, on its part, used a graphical user interface, which provided a more user-friendly experience.

See also  USDT leads the way as stablecoin inflows cross $400M

Meanwhile, the transfers took place between the respective banks’ wallets. The objective of the PoC trial was to demonstrate how traditional banks can leverage publicly used stablecoins on UNDP.

Banks Race Toward Stablecoin Adoption

The successful PoC trial between Standard Chartered and Deutsche Bank marks the latest in a growing trend among traditional banks seeking to tap into stablecoin payments. Back in June, Japanese banking giant MUFG revealed it was engaging with issuers to roll out worldwide stablecoins on its Progmat network.

The French Central Bank and regions such as Norway, Sweden, and Israel have all pioneered a form of digital currency payment solutions. The general consensus is that these blockchain-based solutions enable faster and cheaper settlements and could significantly enhance traditional payment systems.

Tags: BankBlockchainCharteredcompletesDeutscheStablecoinStandardtrialUDPN

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