Progmat and Datachain Collaborate on Project Pax to Revolutionize Cross-Border Stablecoin Transfers  

• Project Pax uses stablecoins to enhance the speed, cost-efficiency, and 24/7 availability of cross-border money transfers.  
• The platform leverages Swift’s API, ensuring financial institutions avoid operational redundancy and reduce investment costs.  
• The initiative aims to expand globally by 2025, transforming cross-border remittances with stablecoins compliant with global financial standards.

Tokyo-based Progmat Inc. and Datachain Inc. have teamed up to launch “Project Pax,” a collaborative initiative aimed at revolutionizing cross-border payments using stablecoins. This platform is set to address critical global challenges, such as high costs, slow transaction speeds, and limited access to financial services.

Growing Demand for Faster Remittances  

The global cross-border transfer market hit $182 trillion in 2022, with significant demand for improvements in speed, cost, and transparency. With Project Pax, Progmat and Datachain aim to leverage stablecoins to offer 24/7, cost-effective solutions for international transfers, thus meeting the targets identified by the G20.

One key feature of the platform is the integration with Swift’s API framework. This allows banks to issue stablecoins through Progmat, ensuring regulatory compliance while reducing the operational complexities traditionally associated with cross-border transfers. Businesses can benefit from stablecoins while maintaining the operational ease of using traditional banking infrastructure.

Regulatory and Business Adoption 

The project’s pilot phase is set to begin soon, with expansion plans across more countries and financial institutions. By 2025, Project Pax aims to commercialize the platform, allowing financial institutions worldwide to benefit from seamless, fast, and secure transactions. The project also aims to address the regulatory and operational hurdles businesses face in using digital wallets for international remittances.

Rapid Expansion of the Stablecoin Market 

The global stablecoin market has already surpassed $160 billion in market capitalization, with significant potential for growth. It is predicted that by 2028, this figure could reach $2.8 trillion, largely due to increasing adoption in the real economy. Progmat and Datachain’s efforts aim to integrate stablecoins into everyday financial transactions, transforming international commerce.