China’s Blockchain Service Network is linking stablecoins and CBDCs – South China Morning Post

China’s Blockchain Service Network is linking stablecoins and CBDCs – South China Morning Post

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Red Date Technology, the state-backed company behind the Blockchain Service Network, hopes its new Universal Digital Payments Network will serve the same role as the Society for Worldwide Interbank Financial Telecommunication (Swift), but for stablecoins and central bank digital currencies. Photo: Bloomberg

Red Date Technology, the state-backed company behind the Blockchain Service Network, hopes its new Universal Digital Payments Network will serve the same role as the Society for Worldwide Interbank Financial Telecommunication (Swift), but for stablecoins and central bank digital currencies. Photo: Bloomberg

China’s state-backed blockchain project aims to be the Swift of stablecoins and central bank digital currencies

  • Red Date Technology compares its new project to Swift, as it facilitates cross-border payments by making stablecoins and CBDCs interoperable
  • The company, which develops the Blockchain Service Network, announced the launch of its new network at the World Economic Forum in Davos

Xinmei Shen

Updated: 8:00am, 21 Jan, 2023

Red Date Technology, the state-backed company behind the Blockchain Service Network, hopes its new Universal Digital Payments Network will serve the same role as the Society for Worldwide Interbank Financial Telecommunication (Swift), but for stablecoins and central bank digital currencies. Photo: Bloomberg

Red Date Technology, the state-backed company behind the Blockchain Service Network, hopes its new Universal Digital Payments Network will serve the same role as the Society for Worldwide Interbank Financial Telecommunication (Swift), but for stablecoins and central bank digital currencies. Photo: Bloomberg

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