Universal digital payments network for stablecoins, CBDCs launches at Davos

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The Uni­ver­sal Dig­i­tal Pay­ments Net­work (UDPN) was launched today at the World Eco­nom­ic Forum to pro­vide inter­op­er­abil­i­ty between reg­u­lat­ed sta­ble­coins and cen­tral bank dig­i­tal cur­ren­cies (CBD­Cs).

See relat­ed arti­cle: Beyond cryp­to: Why would com­pa­nies want cryp­tocur­ren­cy-free blockchains?

Fast facts

  • UDPN is an “advanced dig­i­tal cur­ren­cy pay­ments project” that “has the poten­tial to dri­ve down the cost of dig­i­tal pay­ments and accel­er­ate adop­tion by banks and busi­ness­es of all sizes.”
  • The pay­ment net­work was devel­oped in the last two years by decen­tral­ized cloud infra­struc­ture com­pa­ny Red Date Tech­nol­o­gy, IT solu­tions provider GFT, TOKO and DLA Piper. Red Date Tech­nol­o­gy is also the devel­op­er of BSN, the Chi­na state-backed blockchain network.
  • “The pur­pose of UDPN is to inves­ti­gate a poten­tial alter­na­tive to exist­ing pay­ments sys­tems by enabling inter­op­er­abil­i­ty between fiat-backed tokens of sta­ble­coins and reg­u­lat­ed pro­to­cols,” said Mari­ka Lulay, CEO of GFT. “The decen­tral­ized approach and geo­graph­ic breadth of par­tic­i­pat­ing firms, com­bined with the advanced tech­no­log­i­cal solu­tion deployed for these tri­als, set this net­work apart.” 
  • UDPN also enables enter­prise IT sys­tems to incor­po­rate dif­fer­ent dig­i­tal currencies.
  • Mul­ti­ple glob­al banks will par­tic­i­pate in use case proof of con­cepts (POCs) this month, to show how the UDPN will inte­grate dig­i­tal cur­ren­cies into dai­ly busi­ness­es, bank­ing and payment.
  • The first two POCs will involve two banks test­ing UDPN’s dig­i­tal cur­ren­cy cross-bor­der trans­fer and swap capa­bil­i­ties, and how finan­cial insti­tu­tions can exe­cute anony­mous sta­ble­coin trans­fers through the “trav­el rule” function. 

See relat­ed arti­cle: Crypto’s data prob­lem: Rebuild­ing trust in a trust­less environment

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