{"id":48251,"date":"2023-06-03T08:15:48","date_gmt":"2023-06-03T08:15:48","guid":{"rendered":"https:\/\/lydian.io\/?p=48251"},"modified":"2023-06-03T08:15:49","modified_gmt":"2023-06-03T08:15:49","slug":"mufg-enables-japanese-bank-backed-stablecoins-via-the-progmat-coin-platform","status":"publish","type":"post","link":"https:\/\/lydian.io\/mufg-enables-japanese-bank-backed-stablecoins-via-the-progmat-coin-platform\/","title":{"rendered":"MUFG enables Japanese bank-backed stablecoins via the Progmat Coin platform","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
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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.<\/p>\n
Japanese banks not too long ago introduced their intention to both evaluate or launch stablecoins after new laws got here into impact this month. <\/p>\n
In mid-2022, the Japanese authorities handed laws banning stablecoin issuance by non-banks. The invoice formally went into impact on June 1, 2023. <\/p>\n
In a June 2nd Notice<\/a>MUFG 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. <\/p>\n 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.<\/p>\n The financial institution anticipates that the cross-chain infrastructure shall be rolled out within the second quarter of 2022.<\/p>\n Progmat Coin cross-chain interoperability. Supply: MUFG<\/p>\n MUFG first introduced Progmat Coin in February 2022, aiming to offer an interoperable and \u201ccommon digital asset fee methodology\u201d for stablecoins, different crypto property, and even a Japan-based core digital financial institution forex.<\/p>\n Associated: <\/strong>OpenAI receives a knowledge assortment warning from Japanese regulators<\/strong><\/p>\n 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. <\/p>\n