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Japanese financial giants MUFG Bank, Mizuho Financial Group, and SMBC are set to test cross-border stablecoin transfers, leveraging SWIFT’s API. 
 
Three of Japan‘s largest financial institutions — Mitsubishi UFJ Financial Group, Mizuho Financial Group, and Sumitomo Mitsui Financial Group — are gearing up to trial cross-border stablecoin transfers via “Project Pax,” a joint initiative between Progmat and Datachain. 
 
In a blog announcement on Sept. 5, Datachain stated that the platform for transfers will leverage SWIFT’s API in a bid to change the way the global remittance landscape functions today. The initiative is designed to utilize stablecoins for 24/7 cross-border transactions while minimizing operational costs for banks.

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