Chinese blockchain project aims to be the ‘SWIFT’ of stablecoins and CBDCs

A Hong Kong-based blockchain company has launched a digital payments system aimed at bridging the gap between stablecoins and Central Bank Digital Currencies (CBDCs).

Red Date Technology, the blockchain infrastructure firm which is also leading one of 

The UDPN has been in development by Red Date for nearly two years.

Before launching this digital payments system, the company was known for its work on Blockchain-based Service Network (BSN), China’s national blockchain project.

In a now-deleted roadmap posted on Jan. 15, 2021, the BSN said it planned to build a global CBDC system that “will completely change the current payment and circulation method, enabling a standardized digital currency transfer method and payment procedure for any information system.”

The latest whitepaper makes no mention of Red Date’s tenure in steering China’s blockchain project, nor of the country’s own CBDC efforts with its digital yuan.

Previously, in June 2022 Red Date’s CEO, Yifan He, called cryptocurrencies the “biggest Ponzi scheme in human history.”