Deutsche Financial institution and Normal Chartered’s SC Ventures are testing a system that can permit blockchain-based transactions, stablecoins, and central financial institution digital currencies (CBDCs) to speak to at least one one other, taking an strategy much like the SWIFT messaging layer in legacy banking infrastructure. The banks are operating a sequence of take a look at circumstances, together with transferring and swapping USDC stablecoins, on the Common Digital Funds Community (UDPN), a permissioned blockchain system composed of validator nodes run by an alliance of banks, monetary establishments and consultancies. The system, created by tech consultancy GFT Group and Crimson Date Know-how, the co-founder of the Chinese language Blockchain-Based mostly Service Community (BSN), instructs and permits transactions to happen throughout a spectrum of networks, starting from stablecoins on public blockchains to CBDCs.
