The UDPN is a distributed ledger technology platform that aims to serve a similar function as the SWIFT network for banks but for stablecoins and CBDCs
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Red Date Technology, a Hong Kong-based blockchain company, has created a digital payments system called the Universal Digital Payment Network (UDPN) that aims to connect central bank digital currencies (CBDCs) and stablecoins.
The UDPN was launched on January 19 during the World Economic Forum in Davos, Switzerland, and has been developed in collaboration with GFT Technologies and DLA Piper's digital asset creation engine TOKO.
The UDPN, as described in its white paper, is a distributed ledger technology platform that aims to serve a similar function as the SWIFT network but for stablecoins and CBDCs.
It is stated that the UDPN will create a standard for messaging and communication between different systems for stablecoins and CBDCs in the same way that the SWIFT network did for financial institutions.
According to a press release, several major global banks are currently participating in testing the (UDPN) through proof of concept trials for cross-border transfers and swaps.