Project Pax is a multi-enterprise initiative led by @progmat_en and @datachain_en, backed by MUFG, SMBC, and Mizuho Bank. Japanese banks needed faster and cheaper cross-border settlement. But they needed to retain the operational and regulatory infrastructure already in place. MUFG, SMBC, and Mizuho Bank had to settle cross-border payments in near real time, without replacing SWIFT or migrating to a single new network. Project Pax was built to solve exactly that. At its core is IBC, Cosmos's interoperability protocol, connecting regulated stablecoins across multiple blockchains while banks retain access to the SWIFT API. Banks initiate payments through familiar interfaces. Settlement moves on-chain. Designed to deliver: - 24/7 settlement with near-real-time finality - Broader cross-border reach without the cost of establishing new correspondent banking relationships - Full auditability for regulatory reporting(Cosmos - The Interchain ⚛️)