Japan's three largest banks, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, are backing a new stablecoin project called Project Pax. The project, led by blockchain startup Datachain, aims to streamline cross-border business settlements using stablecoins.

According to the announcement, the $182 trillion global cross-border payments market faces substantial inefficiencies in speed, accessibility, and cost, as identified by the G20. Project Pax, a collaboration between Datachain, Progmat, and TOKI, seeks to address these challenges by facilitating seamless cross-border transactions using stablecoins.

The initiative is expected to garner participation from financial institutions globally, as it aims to improve transparency and efficiency in the cross-border payments industry. This project represents a significant step forward in the adoption of blockchain and stablecoins in the global financial system.

Source: https://cointelegraph.com/news/japan-banks-back-project-pax-global-settlements

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