Patent Filing for Cross-border Stablecoin Transfer Platform Integrated with Swift

We are pleased to announce that Datachain and Progmat have successfully filed a patent for our cross-border transfer platform using stablecoins integrated with the Swift infrastructure.

‍

On September 5, 2024, we introduced 'Project Pax (*1),' a cross-border stablecoin transfer platform. The patent application is related to the system currently under development for this project. We plan to proceed with international patent applications, as well as filings in key markets, with the aim of expanding our share in the global market for stablecoin cross-border systems.

1．Regarding the Patent Filing for the Cross-border Stablecoin Transfer System

Datachain and Progmat are currently advancing the cross-border stablecoin transfer platform, “Project Pax,” with the goal of launching it commercially by 2025.

‍

This project aims to leverage stablecoins to provide fast, cost-efficient cross-border transfers that operate 24/7 in the vast cross-border payment market, which reached $190 trillion in 2023.

‍

Key features include the use of compliant stablecoins provided by Progmat, and by addressing challenges related to AML/CFT compliance, regulatory requirements, operational structures, and corporate wallet usage, the platform enables stablecoin transfers through banks by utilizing Swift’s existing API framework.

‍

This patent filing relates to the cross-border stablecoin transfer platform integrated with the Swift system, currently under development as part of Project Pax.

‍

■Summary of the patent

‍

2．Purpose of the Patent Filing and Future Plans

The goal of this patent filing is to expand our global market share for the cross-border transfer platform using stablecoins integrated with the Swift system. As noted earlier, with the regulatory landscape for stablecoins evolving in many countries, similar solutions are expected to emerge in the large cross-border remittance market.

‍

Following this domestic filing in Japan, we plan to pursue international patent applications and file in key markets moving forward.

‍

*1: https://www.datachain.jp/ja/news/progmat-and-datachain-launch-project-pax

‍

About Datachain

Datachain is a blockchain startup founded in 2018 that specializes in blockchain interoperability. Its core products include YUI, a Hyperledger Lab that enables interoperability between multiple heterogeneous blockchains via IBC, and LCP, a proxy for light client verification using TEEs. Datachain is also working on an IBC-enabled cross-chain bridge in partnership with TOKI and are involved in several projects with enterprises, focusing on cross-chain technology. For more information about Datachain, please visit https://www.datachain.jp/ .

‍

About Progmat

Progmat is a startup company building digital asset infrastructures that can transform the financial system. With a mission of “Connecting the society with the programmable network and digitizing every value,” Progmat delivers the issuance and administration platform for tokenized securities, stablecoins, and utility tokens, while pursuing partnerships to expand global use of digital assets. Progmat, as an independent firm backed by several key institutions in national financial markets, also leads digital assets ecosystem across multiple industries by running the Digital Asset Co-Creation Consortium, which has over 200 member firms. For more information, visit https://progmat.co.jp/en/

‍