Standard Chartered’s fintech arm SC Ventures has tested distributed ledger technology (DLT) with Deutsche Bank.
SC Ventures and Deutsche Bank, USDC And EURS completed the first concept study of the Universal Digital Payments Network (UDPN) by performing swap transactions between stablecoins.
In the test run, SC Ventures used UDPN’s SDKs and APIs to create decentralized identities and connect different digital wallets.
SC Ventures sent several different transfers to Deutsche Bank’s USDC and EURS wallets. In return, Deutsche Bank transferred funds to SC Ventures’ accounts via a graphical user interface.
Both parties used UDPN nodes to connect to UDPN’s DLT network.
The study, which took several weeks to complete, reported findings regarding central bank digital currencies (CBDC) and digital assets.
UDPN was introduced at the World Economic Forum in Davos in January. The network was developed to enable regulated stablecoins to operate in harmony with central bank digital currencies.
The UDPN infrastructure is designed to connect digital currencies, private banks and e-commerce platforms.