Swift has unveiled a plan to enable the movement of digital assets and currencies on its global payment network. The initiative aims to integrate regulated digital currencies into Swift’s platform, building on past experiments. “We’re paving the way towards real-world solutions that will enable our members to access and transact with regulated digital assets and…
September 13, 2024 at 06:28 PM GST updated: September 13, 2024 at 03:12 PM 2 mins read News SWIFT is advancing digital asset interoperability, aiming to connect regulated assets and fiat within its global banking system. SWIFT’s blockchain tests show successful cross-network value transfers, linking tokenized assets with public and private blockchains. SWIFT is bridging…
Swift has revealed plans to support the settlement of digital asset transactions via its global interbank messaging service. It’s also exploring how to enable the settlement of tokenised assets, which would also expand to support CBDCs when the major economies eventually launch them. Digital assets, CBDCs and other forms of tokenised currencies have long been…
A recent update from SWIFT (Society for Worldwide Interbank Financial Telecommunication), has sparked speculations of a possible price rally for Ethereum. Titled Streamlining the Global Movement of Digital Assets and Currencies, a SWIFT blog post shared on X, highlighted efforts to provide real-world solutions to facilitate transactions between members and regulated digital assets. Notably, the…
September 7, 2024 at 12:10 PM GST updated: September 7, 2024 at 10:43 AM 2 mins read Crypto Live News Japan’s largest banks are launching Project Pax to integrate stablecoins into cross-border payments, using familiar systems like SWIFT.  Stablecoins, pegged to the yen, aim to minimize currency fluctuation risks in international trade, following Japan’s 2022…
The largest Japanese banks—MUFG, SMBC, and Mizuho—plan to use a stablecoin-based system to facilitate cross-border payments in the future. The initiative, Project Pax, replaces correspondent banks with blockchain technology, linking it to SWIFT to allow users to initiate payments conventionally using regular banking rails. Japanese Banks Aim to Ditch Intermediaries for Blockchain-Based Stablecoin System Traditional…
The Chinese yuan is surging rapidly in trade settlements elbowing the Euro to become the second most used currency. BRICS member China is advancing in toppling the Euro making the Chinese yuan take the spot below the US dollar. The Xi Jinping administration is aggressive in pushing its native currency on the global stage making…