Major Japanese banks to use SWIFT-Stablecoin system for cross-border payments
Japan's largest banks - MUFG, SMBC and Mizuho - plan to use a Stablecoin-based system to facilitate cross-border payments in the future. The initiative, Project Pax, replaces correspondent banks with blockchain technology, linking it to SWIFT.
Traditional banking institutions are beginning to appreciate the benefits of blockchain systems and are building systems that integrate this technology.