Progmat, Inc.
Progmat and Datachain said they would build a platform for cross-border bank transfers in stablecoins, instructed through Swift's existing APIs, start a pilot with Japanese and foreign financial institutions shortly, and commercialise it in 2025.
- Status
- Quiet
- Announced
- (announcement)
- Original title
- クロスボーダーステーブルコイン送金基盤構築プロジェクト「Project Pax」の始動および国内外金融機関との実証実験の開始について
- Stage
- Test
- Chain or network
- Progmat Coin platform (multiple chains; not named for Project Pax)
- Participants
- Datachain, Shoko Chukin Bank, Fairsquarelab, Korea Digital Asset Custody, K Bank, Shinhan Bank, NH NongHyup Bank
- Next review
Scorecard
As of the review on . Changes since the previous review are marked. How pilots are scored
| Ledger | Unknown |
|---|---|
| Settlement | Stablecoin |
| Access | Whitelisted institutions or investors |
| Legal standing | Sandbox or exemption |
| Scale | Simulated |
What they said they would do
- MetStart a pilot with a prototype shortly, with major Japanese and foreign financial institutions already committed to take part.
- MissedCommercialise the cross-border transfer platform in 2025. (by )
Decisions
Expanded
Progmat and Datachain said their stablecoin payment product, with Project Pax's cross-border transfers as its first use case, had moved to development for live operation, and would later cover domestic and person-to-person transfers.
Source: progmat.co.jp
Expanded
Progmat signed an MOU with Fairsquarelab and Korea Digital Asset Custody, part-owned by Shinhan Bank and NH Bank, for a proof of concept connecting stablecoin transfers between Japan and South Korea.
Source: progmat.co.jp
Expanded
Phase 1, a prototype linking Swift, Progmat and Datachain systems, confirmed transfers instructed through Swift were technically feasible. Phase 2, a practical test with sending and receiving banks, began with Shoko Chukin Bank as the first participating bank.
Source: datachain.jp
Review history
Live Test
The prototype test finished and phase 2 began with Shoko Chukin Bank, meeting the first claim. Commercialisation was still targeted for 2025.
Evidence: datachain.jp
Quiet Test
Progmat and Datachain have published nothing on Project Pax since April 2025, and the 2025 commercialisation target passed. Korean press reported in September 2025 that K Bank said a Korea-Japan test with Shinhan, NH NongHyup and Shoko Chukin had completed; no tier 1 or 2 source confirms it. Searched progmat.co.jp, datachain.jp and the Korean banks' sites.
Evidence: datachain.jp, biz.heraldcorp.com
What was announced
On 5 September 2024 Progmat, Inc. and Datachain launched Project Pax, a platform for cross-border transfers between banks in stablecoins. Banks would instruct transfers through Swift’s existing API framework, and Progmat would settle them on blockchains, so banks and their corporate clients keep the processes and interfaces they use for fiat transfers. The two firms said a pilot with a prototype would start shortly, that major Japanese and foreign financial institutions had already committed to take part, and that they aimed to commercialise the platform in 2025.
How it works
Stablecoins would be issued on the Progmat Coin platform, which Progmat and Datachain say supports several blockchains, permissionless chains among them. Datachain supplies cross-chain technology. The platform was built against Swift’s API mock and simulation environment. No chain has been named for Project Pax, so ledger is unknown. Several banks take part in the tests, so access is whitelisted; no transaction with real value has been reported, so scale is simulated.
Record so far
On 18 September 2024 the two firms said the stablecoin payment product behind Project Pax had moved from technical verification and prototyping to development for live operation, still aiming at commercial use in 2025. On 17 February 2025 Progmat signed an MOU with Fairsquarelab and Korea Digital Asset Custody, which Shinhan Bank, NH Bank and Fairsquarelab invested in, for a proof of concept between Japan and South Korea. On 24 April 2025 Datachain said phase 1, a prototype linking Swift, Progmat and Datachain systems, had shown that stablecoin transfers instructed through Swift were technically feasible, and that phase 2, a practical test with sending and receiving banks, had begun with Shoko Chukin Bank as the first participant. On 16 September 2025 the Korean daily Herald Economy reported K Bank as saying the first Korea-Japan stage was complete: won converted into a stablecoin in Korea, sent on chain and converted into yen in Japan, with Shinhan Bank, NH NongHyup Bank, Fairsquarelab, Korea Digital Asset Custody, Shoko Chukin Bank, Progmat and Datachain taking part. The report does not say whether real funds moved. Progmat and Datachain have published nothing on Project Pax since April 2025, and no commercial launch has been announced.
For Ethereum
Progmat says Progmat Coin supports permissionless chains, and Project Pax was designed to move stablecoins across several chains. Whether any Pax transfer would touch Ethereum or an L2 has not been stated.
What to watch
A bank transaction with real value or a launch notice would end the quiet status. If nothing is published by April 2027, 24 months after the last tier 2 evidence, the pilot becomes dead.