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Deutsche Bank Completes First Stablecoin Swap

Publish Date: 24 October 2023 16:41:45
Deutsche Bank

SC Ventures and Deutsche Bank carried out exchanges between the stablecoins USDC and EURS via digital wallets. Additionally SC Ventures signed these transactions using a private key. According to a report on Financial Express, the exchanges took place.

As part of a proof-of-concept test, SC Ventures used the Universal Digital Payments Network (UDPN) based SDKs and APIs to create decentralized identities and linked digital wallets. Also Deutsche Bank initiated the swap transactions using a graphical user interface, and both financial institutions trusted the UDPN business nodes to connect to the network.

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Therefore, SC Ventures and Deutsche Bank have taken an important step for the future of digital payments and financial transactions by conducting stablecoin exchanges on UDPN.

The UDPN (Universal Digital Payments Network) was launched at the annual meeting of the World Economic Forum in Davos, Switzerland in January this year. The main purpose of this network is to enable harmonious cooperation between regulated stable coins and central bank digital currencies.

UDPN provides a specifically designed infrastructure to connect digital currencies, commercial banks and e-commerce platforms. Currently, several banks actively utilize UDPN’s sandbox environment for testing future stablecoin, Central Bank Digital Currency (CBDC), and digital currency transactions, executing, and developing these transactions.

In conclusion, UDPN is an essential network for broader acceptance of digital payments and digital currencies in the financial world.

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