what's Project Pax?

Project Pax is a collaborative protocol developed by Progmat and Datachain to enable financial institutions to conduct cross-border stablecoin transfers. It integrates with Swift's existing API framework, allowing banks to send standard instructions while settling payments on blockchain for real-time, 24/7 execution at lower costs. Targeting the $182 trillion annual cross-border payments market, it addresses G20 goals for speed, affordability, transparency, and access. The system uses Cosmos's Inter-Blockchain Communication (IBC) protocol for seamless cross-chain transfers, Datachain's LCP middleware for interoperability, and TOKI's liquidity pools. Stablecoin contracts are co-developed for compliance with AML/CFT and regulations. Launched in September 2024 with Japanese megabanks (MUFG, SMBC, Mizuho) and expanded to South Korean institutions, it progresses through prototype testing toward full commercialization.

Project Pax uses Cosmos IBC for real-time, 24/7 cross-border payment settlement.