Chinese blockchain firm launches the 'SWIFT' of stablecoins and CBDCs at Davos

Chinese blockchain firm launches the ‘SWIFT’ of stablecoins and CBDCs at Davos


A Hong Kong-based blockchain company has launched a digital payments system aimed at bridging the gap between stablecoins and Central Bank Digital Currencies (CBDCs).

Red Date Technology, the blockchain infrastructure firm which is also leading one of China’s blockchain efforts, launched the Universal Digital Payment Network (UDPN) on Jan. 19 during the World Economic Forum (WEF) 2023 meeting in Davos, Switzerland.

According to its whitepaper, 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.

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Tech engineering company GFT Technologies and the digital asset creation engine TOKO from law firm DLA Piper are also contributors to UDPN development.

“Just as the SWIFT network created the original common standard for messaging between

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