Deutsche Bank and Standard Chartered’s innovation unit SC Ventures have completed the first stablecoin transfer and swap pilot on the Universal Digital Payments Network (UDPN), a new distributed ledger-based messaging network designed to interconnect regulated digital currencies. In this initial proof-of-concept, SC Ventures in Singapore and Deutsche Bank in Germany executed real-time, on-chain test transactions involving USDC and EURS stablecoins, including multiple transfers and swaps between their respective digital currency wallets. The transactions were routed via UDPN “business nodes” and transaction nodes supporting each stablecoin, with SC Ventures using UDPN SDKs and APIs to create decentralized identities and wallets, while Deutsche Bank operated through a dedicated UDPN user interface. UDPN, developed by Red Date Technology and GFT Group, positions itself as a messaging backbone for interoperable stablecoins and central bank digital currencies (CBDCs), aiming to let existing business IT systems connect to regulated digital currencies in a way that is comparable to—but blockchain-native versus—Swift. By demonstrating that cross-border stablecoin payments and swaps can be executed in minutes rather than days on a permissioned, compliance-focused infrastructure, the pilot is intended to show how large banks might handle interoperability across multiple digital currency networks while adhering to regulatory requirements. This experiment is the first of a planned series of UDPN proofs-of-concept with global financial institutions, indicating ongoing institutional interest in programmable, cross-border digital currency settlement rails beyond public blockchain payment flows.

AI-generated background, compiled from web sources — not editorial content.

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