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

Megabank Mitsubishi UFJ Financial Group (MUFG) has announced that its stablecoin issuance platform “Progmat Coin” will soon be used by Japanese banks to launch Yen-pegged stablecoins on several public blockchains.

Japanese banks have recently outlined intentions to either look into or launch stablecoins following new regulations that came into effect this month.

In mid-2022, the Japanese government

MUFG has not revealed which banks will be the first to utilize Program Coin, however, it did confirm to Cointelegraph at the time of the Progmat Coin announcement last year that it is working on launching its own Yen-pegged stablecoin.

According to a June 1 report from Nikkei Asia, Shikoku Bank, Tokyo Kiraboshi and Minna Bank all plan to issue stablecoins, however, it appears they won’t be using Program Coin to do so.

The publication states that these banks will use a separate stablecoin platform developed by Tokyo-based startup G.U. Technologies.

Magazine: Asia Express: Yuan stablecoin team arrested, WeChat’s new Bitcoin prices, HK crypto rules