Red Date Technology, located in Hong Kong, has initiated the creation of the Universal Digital Payments Network (UDPN) to provide a cross-border payment service with digital assets.
This system is an alternative to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), using stablecoins and Central Bank Digital Cryptocurrencies (CBDC) instead of traditional fiat currency.
The developers said that UDPN would develop a "single standard" for communication between financial institutions and settlement systems, just as SWIFT did, but with CBDC and stablecoin. This network was created so that it could be used as an alternative if SWIFT became a political lever.
