Wu Blockchain (@WuBlockchain): Alibaba: Optimizing Global Trade Settlements with Tokenization Technology
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Alibaba: Optimizing Global Trade Settlements with Tokenization Technology Kuo Zhang, President of China's Internet giant Alibaba's International Station, talked about the practice of optimizing cross-border payments by relying on blockchain tokenization technology during an interview with CNBC in November. This solution does not start with stablecoins but focuses on the tokenization technology itself, which can support 24/7 transactions for both buyers and sellers while shortening the payment cycle and reducing payment fees. He introduced that when European and American buyers pay in euros or US dollars, there is no need to go through multiple banks around the world; instead, through tokenization technology, blockchain and the company's own payment network, funds can be transferred to places such as Hong Kong and Singapore in real time and finally remitted to China, greatly improving payment efficiency. Currently, the objects of tokenization include euros and US dollars. The team is cooperating with JP Morgan Chase, leveraging its system to ensure the real-time nature and compliance of payments, and plans to launch stablecoins later. Video Source: https://t.co/Q5nl9SS0my