Digital Currency Transfer and Swap on UDPN

This document is a report detailing the completion of the first proof-of-concept (PoC) for the Universal Digital Payments Network (UDPN) by Deutsche Bank and SC Ventures from Standard Chartered Bank. The PoC involved real-time on-chain transfer and swap transactions between USDC and EURS stablecoins, showcasing the capabilities of the UDPN infrastructure. SC Ventures established a development environment utilizing UDPN SDKs and APIs to create decentralized identities and digital currency wallets. Multiple transactions were executed in real-time, demonstrating the network's potential to facilitate cross-border transactions efficiently. The report outlines the significance of the UDPN in addressing interoperability challenges in digital currency transactions. It also highlights the collaborative efforts of various financial institutions and technology providers in shaping the future of digital payments. The document emphasizes the importance of knowledge sharing among stakeholders to ensure the successful commercialization of the UDPN by late 2023.