2 years ago
After galore years of integer currency development, Japan’s largest slope MUFG has officially introduced its ain stablecoin project.
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Mitsubishi UFJ Financial Group, Japan’s largest fiscal group, is moving hard to instrumentality the pb successful stablecoin development, launching a proprietary stablecoin project.
On Wednesday, MUFG introduced its stablecoin level called “Progmat Coin,” a blockchain-based strategy for issuing and managing stablecoins pegged connected a 1:1 ratio to the Japanese yen.
The level aims to alteration a “universal integer plus outgo method,” providing cross-chain interoperability with a wide scope of different integer assets different than those issued connected Progmat, arsenic good arsenic Japan’s cardinal slope integer currency, the integer yen.
According to the announcement, the Progmat Coin task is based connected contributions and enactment by MUFG’s “ST Research Consortium,” established backmost successful 2019 with a ngo to make standards astir information tokens. The consortium is present being rebranded to the “Digital Asset Co-creation Consortium,” aiming to grow the scope of enactment beyond information tokens to different sectors similar stablecoins, nonfungible tokens (NFTs), crypto assets and others.
As portion of the project, the Japanese fiscal elephantine is besides readying to present a stablecoin based connected the Japanese yen, a spokesperson for MUFG confirmed to Cointelegraph.
“It is existent that we are aiming to contented a Japanese yen-based stablecoin. We person the program to contented our stablecoin during 2023,” the typical stated. As antecedently reported, MUFG was antecedently working connected akin integer currency developments since astatine slightest 2015.
The spokesperson stressed that the latest stablecoin task is “completely different” from Japan’s large integer currency task known arsenic “DCJPY.” Announced successful November 2021, the inaugural agreed astir 70 Japanese companies, including MUFG, Mizuho and Sumitomo, to launch a yen-based integer currency successful 2022.
The quality comes amid Japanese fiscal firms increasing progressively funny successful issuing and managing integer currencies and stablecoins. Local quality bureau Nikkei Asia reported past week that Japanese trading location Mitsui was planning to contented a cryptocurrency pegged to gold.
As antecedently reported, the Japanese Financial Services Agency was readying to suggest authorities successful 2022 to restrict stablecoin issuance to lone slope and ligament transportation companies.
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