Deutsche Bank and SC Ventures complete first stablecoin swaps on UDPN

Standard Chartered Bank's SC Ventures and Deutsche Bank have completed the first stablecoin swaps on the Universal Digital Payments Network, according to a report. The transactions were signed with SC Ventures’ private key. Deutsche Bank reportedly initiated its swaps via a graphical user interface, with both financial institutions relying on UDPN business nodes to connect to the network. The UDPN was launched in January of this year at the World Economic Forum's annual meeting in Davos, Switzerland. The aim of the network is to provide interoperability between regulated stablecoins and central bank digital currencies.

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