Japanese blockchain firm Soramitsu is building a new cross-border payment network using central bank digital currencies (CBDCs) and stablecoins aimed at improving transactions between Asian countries.
Leveraging experience from Cambodia’s Bakong CBDC and Laos’ digital kip projects, Soramitsu will integrate Cambodia’s CBDC into the system along with fiat-pegged stablecoins. The goal is faster payments across nations including India, China, Japan and Southeast Asia.
By harnessing CBDCs and stablecoins on blockchain infrastructure, Soramitsu aims to enable speedier regional commerce with lower fees by avoiding existing interbank networks.
Launched in 2020, Cambodia’s public-private Bakong initiative now handles $15 billion in payments for 8.5 million users via mobile app. Soramitsu plans further expansion into Southeast Asia.
To construct the network, Soramitsu has assembled partners spanning tech, academia and banking. Collaborators include Vivit, Tama University, Mitsubishi UFJ Trust and Banking.
By bringing together diverse expertise, Soramitsu is building the technical, regulatory and adoption framework needed for frictionless cross-border blockchain payments in Asia.
This demonstrates how CBDCs and stablecoins can improve regional commerce. With key partners on board, Soramitsu is working to turn this vision into a reality.
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