Japanese bank MUFG debuts a new stablecoin platform
Mitsubishi UFJ Financial Group (MUFG), a global financial services group and one of the largest banking institutions in Japan, has announced a new stablecoin platform which will be called the "Progmat Coin." On the other hand, Japan has been working on regulating stablecoin issuers, as per a recent from Nikkei.
MUFG debuts stablecoin platform
MUFG has introduced the "Progmat Coin" which is a blockchain-based platform that has the responsibility of manufacturing and issuing stablecoins that are pegged 1:1 to the Japanese yen. As per the official documents, the aim of the platform is to integrate a “universal digital asset payment method."Moreover, the benefit of the platform launched by MYFG is that it will provide cross chain interoperability with a huge range of cryptocurrencies that may or may not be issues via Progmat Coin. This also includes the CBDC of Japan, digital yen.
The platform has been built using the findings from ST Research Consortium established by MUFG in 2019 to establish standards around security tokens. It is also important to note that the Consortium will now be rebranded to Digital Asset Co-creation Consortium that will broaden the scope of Consortium from security tokens to NFTs, stablecoins, and more.
Japan imposes restrictions on stablecoins issuers
As reported in a previous report, we saw the authorities speeeding up the production of the digital yen. On the other hand, the report from Nikkei Asia claims that Japan is limiting the number of stablecoin issuers like Tether that can remain active in the country and provide their services. It seems that for most of the nations, stablecoin issuers are a major concern.It is also important to note that in such a scenario, MUFG will be gathering the lead in providing stablecoin. It seems that Japanese firms are increasingly adopting cryptocurrencies as recently, we witnessed Mitsui & Co. launch a cryptocurrency that is pegged to gold.
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