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Standard Chartered Partners to Launch HKD-Backed Stablecoin
On February 17, 2025, Standard Chartered's Hong Kong division announced a joint venture with Animoca Brands and HKT to issue a Hong Kong dollar-backed stablecoin.
This digital currency aims to enhance both domestic and cross-border payments by leveraging blockchain technology. The collaboration seeks to provide a secure and efficient medium for transactions, benefiting individuals and businesses alike.
UBS Pilots Blockchain-Based Payment System
In November 2024, Swiss bank UBS successfully piloted "UBS Digital Cash," a blockchain-based payment system designed to improve the efficiency of cross-border transactions.
The platform facilitates real-time settlements in multiple currencies, including U.S. dollars, Swiss francs, euros, and Chinese yuan. This initiative reflects UBS's strategic focus on enhancing cross-border payment solutions through innovative technologies.
Hitachi Payments Invests in Spydra for Web3 Solutions
Hitachi Payments, the Indian subsidiary of the Japanese IT giant, made a strategic investment in Spydra, a startup specializing in blockchain and Web3 technologies.
This partnership aims to introduce innovations in Web3, Central Bank Digital Currency (CBDC), and blockchain technology, potentially transforming cross-border payment systems and financial services.
Mesta Launches Hybrid Fiat-Stablecoin Payment Platform
Mesta, a fintech platform, unveiled a cross-border payment system that combines real-time fiat payment rails with blockchain-powered stablecoin rails.
Launched in January 2025, the platform addresses inefficiencies in global payments and trade, processing $12 million in total payment volume within its first 12 weeks. This hybrid approach aims to streamline international transactions, offering a seamless experience for users.
UXLINK Introduces Web3 Social PayFi Ecosystem
In January 2025, UXLINK announced the upcoming launch of the Fuji Card, a cross-border payment card supporting cryptocurrency transactions.
Developed in collaboration with international payment institutions, the Fuji Card is a key component of UXLINK's PayFi ecosystem. It enables seamless cryptocurrency payments in real-world scenarios, including daily expenses, cross-border remittances, and decentralized finance (DeFi) services.
BRICS Nations Explore Decentralized Payment System
The BRICS consortium—comprising Brazil, Russia, India, China, and South Africa—is developing BRICS Pay, a decentralized payment messaging system. Initiated in 2018, this project aims to facilitate international payments in local currencies, reducing reliance on traditional financial systems and promoting financial inclusion among member countries.
Conclusion
The integration of Web3 technologies into cross-border payment systems is rapidly transforming the fintech industry. These developments promise to make international transactions more efficient, secure, and accessible, signaling a significant shift in global financial operations.
