In China, they are developing a trading platform that will simultaneouslytrade stablecoins and digital currencies issued by central banks. The project is aimed at combining digital assets for use in foreign trade carried out between states.
The company behind the development of tradingplatform, called Red Date Technology. It developed the Blockchain-based Service Network (BSN), which was launched in 2020 together with China Mobile, Unionpay bank card service and the State Information and Analysis Center of China. The company is based in Hong Kong.
The fact that such a platform is being prepared for launch was announced at the economic forum in Davos. Platform name – Universal Digital Payments Network (UDPN):
In the same way that the SWIFT network created a single standard for messaging between financial institutions in different currency systems, the UDPN will set such a standard for CBDCs and stablecoins.
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