{"id":72925,"date":"2023-01-23T16:15:06","date_gmt":"2023-01-23T14:15:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72925"},"modified":"2025-09-09T11:14:44","modified_gmt":"2025-09-09T08:14:44","slug":"red-date-technology-launches-swift-like-platform-for-stablecoins-and-cbdcs","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/red-date-technology-launches-swift-like-platform-for-stablecoins-and-cbdcs\/","title":{"rendered":"Red Date Technology launches SWIFT-like platform for stablecoins and CBDCs"},"content":{"rendered":"<p>Responsible for developing China&#8217;s overseas blockchain infrastructure platform <span data-descr=\\\"Blockchain Services Network\\\" class=\\\"old_tooltip\\\">BSN<\/span>, Red Date Technology has launched a universal digital payment network (UDPN), which will connect<a href=\"https:\/\/forklog.com\/en\/news\/what-is-a-central-bank-digital-currency-cbdc\"> CBDC<\/a> and<a href=\"https:\/\/forklog.com\/en\/news\/what-are-stablecoins\"> stablecoins<\/a>. <a href=\\\"https:\/\/cointelegraph.com\/news\/chinese-blockchain-firm-launches-the-swift-of-stablecoins-and-cbdcs-at-davos\\\">Cointelegraph<\/a> reports.<\/p>\n<p>GFT Technologies and DLA Piper also participate in the initiative.<\/p>\n<blockquote class=\\\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\\\">\n<p><em>\u201cJust as SWIFT created the initial common standard for exchanging messages between financial institutions across settlement systems, UDPN will serve the same purpose for the next generation of CBDCs and stablecoins,\u201d<\/em> the project\u2019s <a href=\\\"https:\/\/www.udpn.io\/assets\/pdf\/UDPN-white%20paper-MM_170123.pdf\\\">white paper<\/a>.<\/p>\n<\/blockquote>\n<p>Top-tier banks are participating in the proof of concept. Red Date Technology did not disclose their names.<\/p>\n<p>At the Davos session where the company presented the project, representatives from Deutsche Bank, HSBC, Standard Chartered, The Bank of East Asia and Akbank were present.<\/p>\n<figure class=\\\"wp-block-image\\\"><img decoding=\\\"async\\\" src=\\\"https:\/\/s3.cointelegraph.com\/uploads\/2023-01\/a7f112c1-2f10-48fd-a837-1cd96d57ef61.png\\\" alt=\\\"UDPN schematic.\\\"\/><figcaption>UDPN workflow diagram. Data: white paper.<br \/><\/figcaption><\/figure>\n<p>The document states that UDPN will support \u201cCBDCs and regulated stablecoins.\u201d Their names are not disclosed. Unregulated cryptocurrencies will not be represented on the platform.<\/p>\n<p>Earlier, Red Date Technology CEO and BSN co-founder He Yifan called unregulated cryptocurrencies \u201c<a href=\"https:\/\/forklog.com\/en\/news\/co-founder-of-chinese-blockchain-platform-calls-bitcoin-a-ponzi-scheme\">the largest Ponzi scheme<\/a> in history.\u201d<\/p>\n<p>During January, participating banks will <a href=\\\"https:\/\/www.udpn.io\/home\\\">check<\/a> the platform&#8217;s ability to conduct cross-border transfers and settlement transactions, as well as the implementation of <a href=\"https:\/\/forklog.com\/en\/news\/us-coalition-launches-trust-platform-to-meet-fatf-travel-rule-requirements\">Travel Rule<\/a>.<\/p>\n<p>In the other eight tests, partners will consider:<\/p>\n<ul class=\\\"wp-block-list\\\">\n<li>issuance and circulation of CBDCs;<\/li>\n<li>issuance and circulation of stablecoins;<\/li>\n<li>use of UDPN as a payment gateway for e-commerce;<\/li>\n<li>gasless transactions using stablecoins on public blockchains;<\/li>\n<li><span data-descr=\\\"know your customer\\\" class=\\\"old_tooltip\\\">KYC<\/span>-checks between institutions;<\/li>\n<li>tokenisation of digital assets;<\/li>\n<li>facilitating the conversion of foreign currencies into digital currencies.<\/li>\n<\/ul>\n<p>On 15 January 2021, in China<a href=\"https:\/\/forklog.com\/en\/news\/chinas-bsn-to-integrate-the-digital-yuan-with-30-public-blockchains\"> presented<\/a> the BSN roadmap. It envisaged creating a global CBDC system that would \u201ccompletely reshape the way payments are made and settled, providing a standardised method for transferring digital currency and a payment procedure for any information system.\u201d To date, the document has been removed.<\/p>\n<p>ForkLog explains how BSN works and why it matters for the Chinese government, in <a href=\"https:\/\/forklog.com\/en\/news\/blockchain-chinese-style-how-china-is-building-a-centralised-platform-for-dlt-development\">exclusive feature<\/a>.<\/p>\n<p> Read ForkLog&#8217;s bitcoin news on our <a href=\\\"\/\/telegram.me\/forklog\\\"\\\" target=\\\"_blank\\\" rel=\\\"nofollow noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Red Date Technology, responsible for developing China&#8217;s overseas BSN infrastructure platform, launched a universal digital payment network (UDPN) that will connect CBDCs and stablecoins. Cointelegraph reports.<\/p>\n","protected":false},"author":1,"featured_media":72926,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1868,1095,807],"class_list":["post-72925","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bsn","tag-cbdc","tag-stablecoins"],"aioseo_notices":[],"amp_enabled":true,"views":"23","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=72925"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72925\/revisions"}],"predecessor-version":[{"id":72927,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/72925\/revisions\/72927"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/72926"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=72925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=72925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=72925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}