Chinese blockchain project aims to be the ‘SWIFT’ of stablecoins and CBDCs By Cointelegraph

A Hong Kong-based blockchain company has launched a digital payments system aimed at bridging the gap between stablecoins and Central Bank Digital Currencies (CBDCs).

Red Date Technology, the blockchain infrastructure firm which is also leading one of China’s blockchain efforts, launched the Universal Digital Payment Network (UDPN) on Jan. 19 during the World Economic Forum (WEF) 2023 meeting in Davos, Switzerland.

A high-level overview of the UDPN architecture depicting CBDC systems connecting to off-chain “transaction nodes” which in turn connect to the on-chain “validator nodes.” Image: UDPN whitepaper.