The Universal Digital Payments Network (UDPN), a fiat digital currency interoperability solution, announced the launch of sandboxes targeted at commercial and central banks. UDPN aims to support interoperability between digital currencies, including stablecoins, tokenized deposits and central bank digital currencies (CBDCs).
It provides a decentralized Swift-like messaging system that uses blockchain and smart contracts to enable interoperability. The UDPN was founded by Red Date Technology, the company that co-founded China’s Blockchain Based Service Network (BSN) alongside government owned firms and departments. For the UDPN it partnered German headquartered consultancy GFT and Toko, a tokenization spin off of law firm DLA Piper.
Some big names have participated in UDPN proofs of concept so far, including Standard Chartered and Deutsche Bank.
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