The Universal Digital Payments Network (UDPN) announced the production launch of its first two solutions. One is for stablecoin or tokenized deposit issuance, and the other is an asset tokenization system.
UDPN was founded by Hong Kong’s Red Date Technology, the company that co-founded China’s Blockchain Based Service Network (BSN) alongside government owned firms and departments. German consultant GFT is the primary technology partner.
The distinguishing aspect of the UDPN is it was founded as an institutional interoperability system. Hence, it can potentially support tokenized deposits from multiple banks alongside central bank digital currencies (CBDC) and stablecoins, provided each is connected to the UDPN network. It uses Swift-like messaging for interoperability. In some ways it does this the old fashioned way, which is probably necessary during this stage of the adoption cycle.
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