MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform
Mitsubishi UFJ Financial Group has not disclosed which companies will be first to use its platform; however, a handful of banks have reportedly opted for a separate stablecoin solution.
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Megabank Mitsubishi UFJ Financial Group (MUFG) has announced that its "Progmat Coin" stablecoin issuance platform will soon be used by banks in Japan to launch Japanese yen-pegged stablecoins across multiple blockchains. public blocks.
Japanese banks have recently signaled plans to review or launch stablecoins following new regulations that came into effect this month.
In mid-2022, the Japanese government passed a bill banning the issuance of stablecoins by non-bank institutions. The bill officially entered into force on June 1, 2023.
In a June 2 announcement, MUFG said Progmat Coin will be used to facilitate the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche, and Cosmos, with more networks to be added in the future .
MUFG also revealed that its blockchain technology and security partners Toki and Datachain are building a bridge to enable cross-chain transactions, loans, and exchanges between supported blockchains.
The bank expects the cross-chain infrastructure to launch in the second quarter of 2022.
Progmat Coin cross-chain interoperability. Source: MUFGMUFG initially
Mitsubishi UFJ Financial Group has not disclosed which companies will be first to use its platform; however, a handful of banks have reportedly opted for a separate stablecoin solution.
News
Join us on social networks
Megabank Mitsubishi UFJ Financial Group (MUFG) has announced that its "Progmat Coin" stablecoin issuance platform will soon be used by banks in Japan to launch Japanese yen-pegged stablecoins across multiple blockchains. public blocks.
Japanese banks have recently signaled plans to review or launch stablecoins following new regulations that came into effect this month.
In mid-2022, the Japanese government passed a bill banning the issuance of stablecoins by non-bank institutions. The bill officially entered into force on June 1, 2023.
In a June 2 announcement, MUFG said Progmat Coin will be used to facilitate the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche, and Cosmos, with more networks to be added in the future .
MUFG also revealed that its blockchain technology and security partners Toki and Datachain are building a bridge to enable cross-chain transactions, loans, and exchanges between supported blockchains.
The bank expects the cross-chain infrastructure to launch in the second quarter of 2022.
Progmat Coin cross-chain interoperability. Source: MUFGMUFG initially
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