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A Hong Kong-oriented blockchain company has unveiled a digital payments system. It is believed that the initiative intends to shorten the space between stablecoins and central bank digital currencies (CBDCs), as reported by Cointelegraph.

According to Cointelegraph, on January 19, 2023, Red Date Technology unveiled the Universal Digital Payment Network (UDPN) at the World Economic Forum (WEF), 2023, meeting in Davos, Switzerland. It is believed that UDPN is a distributed ledger technology (DLT) platform,  that would fulfil the same purpose in contrast to SWIFT network for banks, but for stablecoins and CBDCs. 

On the basis of information by Cointelegraph, technology engineering company GFT technologies and digital asset creation engine TOKO from law firm DLA Piper also worked towards UDPN. Insights from a January 19, 2023, press release stated that a “number of global tier 1 banks” have indulged themselves in use-case proof of concepts (POCs) to understand the network when involved in cross-border transactions. Reportedly, representation was done of banks such as Deutsche Bank, HSBC, Standard Chartered, The Bank of East Asia, and Akbank were present on a panel at the UDPN launch in Davos. 

Moreover, Cointelegraph noted that eight other proof-of-concept tests are expected to go live, including a CBDC and a bank-backed stablecoin’s issuance and circulation along with UDPN’s usage as a ecommerce payment gateway. Sources have confirmed that Red Date has been working on UDPN for around two years. 

(With insights from Cointelegraph)

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