Progmat & Datachain file patent application for an international remittance system using stablecoins

Progmat and Datachain have completed a patent application for an international remittance system using stablecoins in collaboration with the Swift system.

Both companies announced the cross-border stablecoin remittance infrastructure development project “Project Pax” on September 5, 2024. This patent application relates to the system currently under development in this project. The companies plan to file international applications and patents in major countries going forward, aiming to expand their global market share in the stablecoin international remittance system through these initiatives.

About the Stablecoin International Remittance System Patent Application

Currently, Progmat and Datachain are advancing the cross-border stablecoin remittance infrastructure development project “Project Pax” towards commercialization in 2025.

This project aims to enable high-speed, low-cost cross-border remittances that can operate 24/7/365 using stablecoins in the massive cross-border remittance market, which reached approximately 190 trillion dollars (about 28,500 trillion yen) as of 2023.

Key features include the use of regulatory-compliant stablecoins provided by Progmat, and the implementation of stablecoin remittance through banks utilizing Swift’s existing API framework, taking into consideration AML/CFT and regulatory compliance, operational setup, and barriers to corporate wallet usage.

This patent relates to the international remittance system using stablecoins in collaboration with the Swift system being developed under “Project Pax.”

Purpose of Patent Application and Future Plans

This patent application aims to expand global market share in the international remittance system utilizing stablecoins in collaboration with the Swift system that both companies are developing. As mentioned earlier, similar schemes are expected to emerge in the massive cross-border remittance market as countries develop stablecoin-related legal frameworks.

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