Recently, the top three Japanese banks - Mitsubishi UFJ Bank, Sumitomo Mitsui Banking Corporation (SMBC), and Mizuho Bank - announced that they will jointly test a cross-border stablecoin transfer platform based on stablecoins to optimize the speed and security of international fund flows. This pilot project, named 'Project Pax,' aims to utilize blockchain technology to achieve more efficient cross-border payment methods through stablecoins issued in collaboration with Progmatic, a blockchain startup supported by SBI Holdings and the Japan Exchange Group. The project, operated by Progmatic, Datachain, and TOKI, aims to test the possibility of cross-chain transactions. By integrating SWIFT's existing bank API framework, this platform will be able to complete settlement processes on blockchain networks, thereby addressing compliance issues such as anti-money laundering. According to the project team, this initiative is intended to reduce operational redundancies in fiat currency transfers and significantly lower investment costs. It is expected that starting from the prototype stage, the platform could reach commercial application by 2025.