lydian-logo
bitcoin

Bitcoin (BTC)

Price
$ 68,347.31
ethereum

Ethereum (ETH)

Price
$ 3,806.42
cardano

Cardano (ADA)

Price
$ 0.450714
xrp

XRP (XRP)

Price
$ 0.521394
litecoin

Litecoin (LTC)

Price
$ 84.18
stellar

Stellar (XLM)

Price
$ 0.10661

MUFG enables Japanese bank-backed stablecoins via the Progmat Coin platform

Published on

June 3, 2023
Read Time:1 Minute, 40 Second

Megabank Mitsubishi UFJ Monetary Group (MUFG) has introduced that its stablecoin issuance platform, Progmat Coin, will quickly be utilized by banks in Japan to launch Japanese yen-pegged stablecoins on a number of public blockchains.

Japanese banks not too long ago introduced their intention to both evaluate or launch stablecoins after new laws got here into impact this month.

In mid-2022, the Japanese authorities handed laws banning stablecoin issuance by non-banks. The invoice formally went into impact on June 1, 2023.

In a June 2nd NoticeMUFG defined that the Progmat Coin shall be used to facilitate the issuance of bank-backed stablecoins on Ethereum, Polygon, Avalanche and Cosmos, with extra networks to be added sooner or later.

MUFG additionally introduced that its blockchain know-how and safety companions Toki and Datachain are constructing a bridge to allow cross-chain transactions, lending and swaps between the supported blockchains.

The financial institution anticipates that the cross-chain infrastructure shall be rolled out within the second quarter of 2022.

Progmat Coin cross-chain interoperability. Supply: MUFG

MUFG first introduced Progmat Coin in February 2022, aiming to offer an interoperable and “common digital asset fee methodology” for stablecoins, different crypto property, and even a Japan-based core digital financial institution forex.

Associated: OpenAI receives a knowledge assortment warning from Japanese regulators

MUFG has not revealed which banks would be the first to make use of Progmat Coin; Nevertheless, on the time of the announcement in 2022, it confirmed to Cointelegraph that it was engaged on launching its personal Japanese yen-pegged stablecoin.

After In keeping with a June 1 report by Nikkei Asia, Shikoku Financial institution, Tokyo Kiraboshi, and Minna Financial institution are all planning to difficulty stablecoins; Nevertheless, it seems like they aren't utilizing the Progmat Coin platform for that.

The publication states that these banks will use a separate stablecoin platform developed by Tokyo-based startup GU Applied sciences.

Journal: Asia Categorical: Yuan Stablecoin Staff Arrested, WeChat's New Bitcoin Costs, Hong Kong Crypto Guidelines

Source link

Happy
Happy
0 %
Sad
Sad
0 %
Excited
Excited
0 %
Sleepy
Sleepy
0 %
Angry
Angry
0 %
Surprise
Surprise
0 %
Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : June 3, 2023
Top crossmenumenu-circle