Japan’s three largest banks to use stablecoins for cross-border settlements

Japan’s biggest banks, Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation, and Mizuho Bank, are turning to stablecoins for cross-border payments with “Project Pax.” It’s a platform that will make global transfers faster, cheaper, and available around the clock. In 2022, the cross-border transfer market was worth $182 trillion. While it’s a massive market, it’s got