A new crypto payments ecosystem for stablecoins and CBDCs called Universal Digital Payments Network (UDPN) debuted at Davos.
Some are comparing the project to the antiquated SWIFT network. The difference is that it is designed to make stablecoins and central bank digital currencies (CBDCs) interoperable.
It could also be considered a Ripple competitor. However, the firm works with private financial institutions rather than central banks.
The Chinese company behind it also develops the state Blockchain-based Service Network (BSN). This means it will likely be heavily controlled by the Chinese Communist Party (CCP). However, the бела хартија не спомна China’s eCNY (digital yuan) CBDC.
Source: https://beincrypto.com/chinese-cross-border-payments-system-for-stablecoins-and-cbdcs-unveiled-at-davos/