[Datachain Co., Ltd.] Stablecoin payment product enters development phase for actual operation.In addition to cross-border remittances, it also supports domestic remittances and interpersonal remittances *Datachain Co., Ltd.*
Press release: September 18, 2024
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Stablecoin payment product enters development phase for actual operation.In addition to cross-border remittances, it also supports domestic remittances and interpersonal remittances
* Datachain Co., Ltd. (Representative Director: Satoshi Hisada, hereinafter referred to as Datachain) and Progmat,
Inc. (Representative Director: Tatsuya Saito, hereinafter referred to as “Progmat”) is “Progmat” provided by Progmat.
We would like to inform you that the payment product using stable coins (hereinafter referred to as SC), which is scheduled to be issued using “Coin Platform”, has moved to the development phase for actual operation. *
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Until now, Datachain and Progmat have collaborated on the joint development of SC infrastructure (*1) and the cross-border remittance infrastructure construction project “Project” using Swift’s existing API framework.
Pax” (*2), etc., we have been promoting the SC business together as a solid partner. *
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In addition to cross-border remittances, the SC payment product announced this time (hereinafter referred to as “this product”) will support domestic remittances and person-to-person remittances in the future. Datachain’s rich technical knowledge centered on blockchain technology and Progmat’s “Progmat”
By combining SCs issued by “Coin Platform”, we aim to provide value to meet more diverse demands. *
* 1. About SC payment products *
In this product, the initial use case is “Project
We are currently developing the functions necessary for cross-border remittances in “Pax”. After technical verification and prototype development, we have moved to the development phase with an eye on actual operation, with a view to commercialization in 2025.
The specific development targets are as follows.
Development target details
1. Blockchain anonymization “Progmat”
Among the multiple blockchains supported by “Coin Platform”, development to conceal the history on the blockchain from unspecified third parties when supporting use cases where confidentiality is important, such as international remittances.
2. Wallet compatible with various blockchains Wallet compatible with various blockchains (application for managing SC)
3. Banking system coordination System coordination between the banking system and the above wallet (2) and the international financial institution network
4. System collaboration with international financial institution networks such as Swift
System collaboration to connect banking systems and international financial institution networks, and international financial
institution networks and blockchain
By implementing and verifying these functions, we will realize cross-border remittances using SCs that address practical issues, including AML/CFT and regulatory compliance. Furthermore, we will quickly move forward with support for domestic remittances and interpersonal remittances, and will work on designing and implementing additional functions such as a personal wallet.
*2. About target market *
The cross-border remittance market boasts a huge market size of 182 trillion dollars (approximately 27,300 trillion yen) as of 2022. This figure indicates the size of the transaction amount, but even when limited to the sales of transaction companies, it is estimated to be $183.6 billion (approximately 27 trillion yen) in 2023, which is still a very large scale. Additionally, with the increase in international trade, this market continues to expand at a compound annual growth rate (CAGR) of 7.43%.
The amount of SC in circulation is estimated to be around 0.5% of the amount of legal currency in circulation. In addition, most of them are only used for crypto assets and DeFi (decentralized finance). Further growth potential is expected as remittance solutions using SC expand to the real world, including corporations and individuals.
Demand for cross-border person-to-person remittances is also increasing with the advancement of globalization. For example, according to the annual report for the fiscal year ending March 2024 by cross-border remittance startup Wise, the amount of cross-border remittances between individuals is as large as 87.2 billion pounds (approximately 16.6 trillion yen), a 14% increase compared to the same period last year. Recording growth.
In these vast and rapidly growing markets, Datachain and Progmat not only comply with SC-related laws, but also address accounting and tax issues, and provide products that match customer experiences such as on-site operations. We will provide the value of high speed and low cost.
*In calculating the market size, 1 US dollar = 150 yen and 1 pound = 190 yen.
*2:
https://www.datachain.jp/ja/news/progmat-and-datachain-launch-project-pax
* Datachain Co., Ltd. is a subsidiary of Speee Co., Ltd.
(Headquarters: Minato-ku, Tokyo, Representative Director: Hideki Otsuka, TSE Standard Market: 4499).
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◆About “Progmat”
We have published a website and explanatory articles, so please visit the URL below.
Website: < https://progmat.co.jp/ >
Explanatory article: < https://note.com/tatsu_s123/n/n03a291fa52ab >
◆About the “Progmat Coin” foundation
The “Progmat Coin” platform is an infrastructure for issuing and managing various SCs.
The materials are publicly available, so please view them from the URL below. Material: < https://speakerdeck.com/progmat/sc >
Explanatory article: < https://note.com/tatsu_s123/n/n406e5cfa9f1c >