A Universal Digital Payments Network (UDPN) for stablecoins and Central Bank Digital Currencies (CBDCs) was launched at the World Economic Forum (WEF) in Davos.
The network aims to provide interoperability between these digital currencies. GFT, Red Date Technology, TOKO, and DLA Piper have all contributed to the development of UDPN over the past two years. In July 2022, a sandbox was established where numerous banks were actively testing stablecoin transfers and FX transactions.
The network was introduced at Davos with a panel discussion on infrastructure, interoperability, and the quickly changing digital currency. The Bank of East Asia, Akbank, HSBC, Standard Chartered, and Deutsche Bank were all represented on the panel.