Progmat and Datachain have completed a patent application for an international remittance system using stablecoins linked to the Swift system.
On September 5, 2024, the two companies announced “Project Pax,” a cross-border stablecoin remittance infrastructure development project. This patent application relates to a system currently under development in this project. Both companies plan to file international applications and patent applications in major countries in the future, and aim to expand their global share in stablecoin international remittance systems through these efforts.
Regarding stablecoin international remittance system patent application
Currently, Progmat and Datachain are promoting Project Pax, a cross-border stablecoin remittance infrastructure development project, aiming for commercialization in 2025.
This project utilizes stable coins to provide high-speed, low-cost cross-border remittances that can operate 24 hours a day, 365 days a year, in the huge cross-border remittance market that will reach approximately $190 trillion (approximately 28,500 trillion yen) in 2023. is intended to enable. .
Key features include regulated stablecoin usage provided by Progmat, AML/CFT and regulatory compliance, operational setup, and banks leveraging Swift’s existing API framework to account for barriers to corporate wallet usage. Includes implementation of stablecoin transfers through.
This patent relates to an international remittance system using a stablecoin linked to the Swift system currently being developed by Project Pax.
Purpose of patent application and future plans
This patent application aims to expand the global share of international remittance systems that utilize stable coins in collaboration with the Swift system that both companies are currently developing. As mentioned above, similar schemes are expected to emerge in the large-scale cross-border remittance market as countries develop stablecoin-related legal frameworks.
