Japan’s Biggest Banks Replace Wire Transfers With Stablecoins for 3-Minute Settlements
While the U.S. debates stablecoin legislation, Japan's three megabanks are already using them to settle cross-border payments. Project Pax targets 1 trillion yen in stablecoin issuance by 2028. Corporate clients initiate payments through SWIFT. The stablecoins do the rest on the backend.
By
Sonia Paganuzzi
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6 min
