Standard Chartered, Deutsche Complete First Stablecoin Swaps on UDPN Blockchain SC Ventures, Standard Chartered Bank’s VC arm, and German banking giant Deutsche Bank have executed the first stablecoin swaps on the Universal Digital Payments Network (UDPN), per a report published Monday.
UDPN is a blockchain-based messaging system supporting government-regulated
digital currency systems and central bank digital currencies (CBDC).
The first proof-of-concept (PoC) involved SC Ventres’ real-time on-chain swap test between USDC and EURS stablecoins to Deutsche Bank wallets. These transactions are visible on public
EtherScan and signed with SC Ventures’ private key.
“This initiative brings the industry together to identify opportunities to unlock economic value in newly emerging digital currencies,” said Thorsten Neumann, CTO of SC Ventures. “Financial service providers and fintechs
are well-positioned to experiment with stablecoins and CBDC use-cases that benefit from the finality of on-chain transactions.”
According to the report,
SC Ventures used code leveraging UDPN SDKs and APIs, while Deutsche Bank used a graphical user interface (UI). Rafael Otero, CTO of Deutsche’s Corporate Bank division
calls it the “next logical step” in the development of financial transactions.
