Hong Kong-based blockchain company Red Date Technology has introduced a new digital payments system that aims to connect the two sectors of stablecoins and central bank digital currencies (CBDCs). The firm introduced the payments system dubbed the Universal Digital Payment Network (UDPN), on Thursday, during the World Economic Forum (WEF) 2023 conference in Davos, Switzerland.
UDPN is being developed in collaboration with GFT Technologies, a tech engineering company, and TOKO, a digital asset production engine from DLA Piper, a law firm. The UDPN whitepaper describes itself as a (Distributed ledger technology) DLT platform that would facilitate stablecoin and CBDC transactions in a manner analogous to the SWIFT network for banks.
Addressing about the project, the Universal Digital Payments Network’s whitepaper stated:
The white paper further revealed that decentr …
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Source: Cryptocurrency - investing.com
