Global banking giants have completed the first stablecoin transfer

A hallmark of financial evolution was seen between Deutsche Bank and Standard Chartered Bank. In fact, these global financial institutions have executed the first Universal Digital Payment Network (UDPN) Proof-of-Concept (PoC).

This massive experiment involves real-time on-chain transfers and exchanges between USDC and EURS stablecoins on the UDPN infrastructure.

The first stablecoin transfer and exchange between banks

At this PoC center, SC Ventures established a development environment using UDPN SDKs and APIs to create decentralized identities and associated digital currency wallets. Following a successful onboarding, SC Ventures implemented the exchange and conversion of Deutsche Bank's digital currency wallets into synthetic USDC and EURS.

These transactions, signed by SC Ventures' private key, are completed instantly and their routes are visible on the public EtherScan.

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Conversely, Deutsche Bank responded by instigating multiple transfers and swaps into SC Ventures' digital currency accounts. It uses a user-friendly graphical interface integrated into a unique UDPN environment. Integration between these financial behemoths relies on UDPN trading nodes to connect to the UDPN-authorized DLT consensus network.

Payment messages are passed through two transaction nodes, each supporting USDC and EURS transactions. Next, explaining how UDPN speeds up cross-border transactions from days to minutes. This also presents a solution to interoperability challenges between different technologies in the cryptocurrency industry.

This effort is a pioneer in a series of 12 PoCs aimed at solving the interoperability puzzle in cross-border payments. Lessons involving Central Bank Digital Currency (CBCC), digital assets, key protection and compliance, among other aspects, are extensively discussed and documented in the PoC chapter.

“We are happy to participate in the first industry pilot on the UDPN platform. This initiative brings the industry together to identify the economic benefits of new digital currencies. Tokenized currencies will inevitably be part of the new financial landscape,” said Torsten Neumann, CTO of SC Ventures. .

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According to Rafael Otero, CTO of Deutsche Corporate Bank, this successful POS sheds light on the potential of Stablecoins and CBDCs. It heralds a new era of financial transactions, one step closer to a digital and regulated future of money.