[NEWS] Mitsubishi UFJ Trust and Datachain successfully verify cross-chain settlement of digital securities using stablecoins

Mitsubishi UFJ Trust and Banking Corporation and Datachain announced on the 27th that they have successfully verified the technology for cross-chain settlement of digital securities using stablecoins.

The two companies have been collaborating on technology for the "commercialization of cross-chain settlement of digital securities using stablecoins" announced in September last year, and on the "realization of smooth mutual transfer and exchange between stablecoins" announced in March this year.

According to the announcement, this time they have successfully verified the technology, which is the first step in "cross-chain settlement of digital securities".

In this technical verification, "Corda" was adopted as one of the blockchain platforms, and the developer, R3, of the United States, cooperated.

By interconnecting Corda, one of the blockchain layers in the stablecoin issuance and management platform "Progmat Coin," and "GoQuorum," a blockchain platform that handles digital securities other than Progmat, they have realized the simultaneous transfer of tokens on both blockchains.

There are two types of cross-chain initiatives using the Progmat platform, but this time it is about DVP (Delivery Versus Payment) settlement of stablecoins and digital securities. Other initiatives include PVP (Payment Versus Payment) settlement between stablecoins and stablecoins and regional digital currencies.

Cross-chain settlement across blockchains of digital securities using stablecoins that comply with regulations is the most cutting-edge initiative in the world.

This time, we worked on simultaneous transfer of tokens on different blockchain platforms and highly scalable and trustless cross-validation between blockchains.

As a result of the technical verification, it was confirmed that simultaneous transfer of stablecoins and digital securities on each blockchain is possible between the different blockchain platforms, Crda and CoQuorum, with a highly scalable and trustless structure.

In the future, various stablecoins using the Progmat Coin platform will be able to be issued and distributed as soon as the intermediaries handling them complete their license registration, in light of the enforcement of the revised Fund Settlement Act in 2023.

Mitsubishi UFJ Trust and Banking Corporation and Datachain will continue to work toward commercialization in 2024 while deepening their collaboration with R3 and related securities companies.

Reference: Mitsubishi UFJ Trust and Banking Corporation
Image: Press release