MUFG to enable Japanese banks in launching Yen-pegged stablecoins on public blockchains

Japan’s largest bank, Mitsubishi UFJ Financial Group (MUFG), has announced its stablecoin issuance platform, Progmat Coin, which several Japanese banks will soon utilize to launch Japanese yen-pegged stablecoins on multiple public blockchains. This move comes as new regulations have opened avenues for trust banks to explore stablecoin offerings.

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Japan’s Largest Bank Unveils Stablecoin Platform For Banks

Japan’s largest bank Megabank Mitsubishi UFJ Financial Group (MUFG) has announced its stablecoin issuance platform Progmat Coin that would be used to issue local bank-backed stablecoins on multiple public blockchains. The stablecoins will be issued on several blockchains, including Ethereum, Avalanche, Cosmos and Polygon.

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MUFG and Progmat Collaborate to Pioneer Japanese Bank-Backed Stablecoins

MUFG and Progmat have joined forces to introduce Japanese bank-backed stablecoins, leveraging blockchain technology to revolutionize traditional banking practices.

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MUFG to facilitate Japanese bank-backed stablecoins via Progmat Coin platform

MUFG hasn’t revealed what firms will be the first to utilize its platform, however a handful of banks have reportedly already opted for a separate stablecoin solution.

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