Chinese blockchain company Red Date Technology has launched the Universal Digital Payment Network (UDPN), a digital payments system aimed at connecting stablecoins and Central Bank Digital Currencies (CBDCs) in a similar way that the SWIFT network connects banks.

The UDPN is a distributed ledger technology platform that would serve the same purpose for the emerging generation of CBDCs and stablecoins.

A number of global tier 1 banks are already involved in use-case proof of concepts (POCs) to test the network in cross-border transfers and swaps, but the banks and stablecoins were not disclosed.

The UDPN is built by Red Date, GFT Technologies and TOKO from law firm DLA Piper, and has been in development for nearly two years.