Japan’s biggest banks will use the SWIFT-linked stablecoin system for cross-border payments

Japan’s biggest banks — MUFG, SMBC and Mizuho — plan to use a system based on stablecoins to facilitate cross-border payments in the future. The initiative, Project Pax, replaces correspondent banks with blockchain technology, connecting it to SWIFT to allow users to initiate payments conventionally using regular bank lines. Japanese banks aim to ditch middlemen for blockchain-based stablecoin system, traditional (…)