Hong Kong-based blockchain company Red Date Technology has launched the Universal Digital Payment Network (UDPN), a digital payments system designed to bridge the gap between stablecoins and Central Bank Digital Currencies (CBDCs) during the World Economic Forum (WEF) 2023 meeting in Davos, Switzerland.
The company claims that the UDPN is a distributed ledger technology (DLT) platform that would serve a similar purpose to what the SWIFT network does for banks, but for stablecoins and CBDCs.
Tech engineering company GFT Technologies and the digital asset creation engine TOKO from law firm DLA Piper are also contributors to UDPN development.
A number of global tier 1 banks are already involved in use-case proof of concepts (POCs) to test the network in cross-border transfers and swaps.
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